In the midst of recent petrol price hikes, Dangote Petroleum Refinery says its new dollar payment policy is not responsible. The refinery explained that no marketer has paid for petrol in dollars since the policy was introduced. Instead, marketers are raising prices in a bid to sell old stock bought before the new payment system. A refinery official said the company was surprised by the sudden increase.
“No dollar payment has been made. None at all. The products currently being sold were stocked before the policy took effect. We are surprised that prices have moved up so quickly.”
Meanwhile, some Dangote-linked depots now sell petrol between N1,095 and N1,130 per litre. However, Dangote’s official gantry price remains $0.779 per litre, which equals about N1,077 at the current exchange rate. The refinery insisted it has not changed its official price.
“Those selling N48 or thereabout above the refinery’s equivalent price are selling old stock. The new dollar payment has not even happened yet,” the official added.
According to the refinery, the dollar payment system is designed to match its crude oil purchase obligations and support long-term business sustainability.
However, industry experts believe the new policy is already affecting the market. Petroleumprice.ng CEO, Jeremiah Olatide, said marketers are uncomfortable buying fuel in dollars. He believes the policy may reduce sales and force the refinery to review its decision.
“The dollarisation of petroleum products at the Dangote Refinery for gantry sales will not stand because it has been causing quite a lot of negative reactions,” he said.
Olatide also warned that delays in fresh fuel purchases could soon push pump prices higher across the country. At the same time, global oil prices continue to rise due to renewed tensions involving the United States and Iran. Brent crude is trading above $86 per barrel, while WTI is around $79.
As a result, many marketers fear higher costs in the coming weeks. Although Dangote says its policy has not yet influenced petrol prices, the debate continues. The coming days will show whether the refinery keeps the dollar payment system or returns to naira-based sales.
