The Dangote Petroleum Refinery has temporarily halted the sale of Premium Motor Spirit (PMS) in naira, a move that has stirred fresh debate across Nigeria’s downstream oil sector.
Industry sources said the suspension followed rising concerns over foreign exchange volatility, supply chain constraints, and mounting pressure on the refinery to align product pricing with international market realities.
Marketers told reporters that while diesel and aviation fuel sales in foreign currency had already become the norm, petrol was until recently still transacted in naira. The latest decision, they said, may further complicate access to PMS for independent marketers, many of whom rely heavily on naira transactions.
According to analysts, the shift underscores the refinery’s bid to secure sustainable revenue amid a widening gap between naira exchange rates and global oil benchmarks. “It is a business survival strategy,” one energy economist noted, warning that the impact could deepen inflationary pressures if not quickly addressed.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is yet to issue an official statement, but government officials are reportedly engaging Dangote Refinery to ensure petrol supply is not disrupted.
Civil society groups have also reacted, urging the Federal Government to safeguard consumers from potential price shocks. The development comes at a time when Nigerians are grappling with high transport and energy costs, raising questions about the broader implications for economic recovery.
