Dangote Refinery, one of the largest integrated refineries in Africa, has announced the temporary suspension of the sale of petroleum products in Naira, citing challenges related to currency fluctuations and the volatile economic climate.
The decision comes amidst ongoing shifts in the Nigerian economy and the impact of currency devaluation on the oil and gas sector. Dangote Refinery, which had been selling refined petroleum products domestically in Naira, has indicated that it will now adopt a more flexible pricing mechanism linked to the US Dollar, in line with international market trends.
A spokesperson for Dangote Refinery explained, "This decision has been made to ensure the continued sustainability of our operations and to shield our customers from the uncertainty brought on by local currency depreciation. We remain committed to supplying high-quality petroleum products across the country, but in the current economic climate, this adjustment is necessary to ensure stability for both the company and our consumers."
The suspension of Naira-based sales will take effect immediately, and the refinery will work closely with government regulators, stakeholders, and distributors to ensure a smooth transition. Customers will be informed of the new pricing structure and the timeline for adjustments in the coming weeks.
Dangote Refinery has emphasized its dedication to the Nigerian market and its long-term vision of contributing to the country's energy security and economic growth. Despite the temporary suspension of Naira sales, the refinery remains a key player in the domestic supply of petroleum products, including gasoline, diesel, and kerosene, and continues to invest in its infrastructure and technological advancements.
"We understand the challenges faced by consumers, and we are committed to finding sustainable solutions. Our efforts to modernize the Nigerian oil and gas sector are aligned with our long-term vision for the country’s economic prosperity," the spokesperson added.