Nigerians may face another round of fuel price hikes following the decision by Dangote Refinery to stop selling petrol in naira.
The refinery, owned by billionaire Aliko Dangote, announced the move on Tuesday, citing the need to align with international market practices and stabilize its operations.
In a statement, the refinery explained that it would now sell petrol exclusively in US dollars to mitigate the impact of foreign exchange fluctuations. “This decision is necessary to ensure the sustainability of our operations and maintain the quality of our products,” the statement read.
The announcement has sparked concerns about a potential increase in fuel prices, as marketers may pass the additional costs of dollar purchases to consumers.
The Nigerian National Petroleum Company Limited (NNPCL) has yet to comment on the development, but stakeholders are calling for urgent measures to cushion the impact on Nigerians.
As the situation unfolds, many are bracing for higher fuel costs, which could further strain household budgets and economic activities.