Petroleum marketers have warned that Nigerians may soon begin paying for petrol, diesel and other refined petroleum products in United States dollars if the Federal Government fails to restore the Naira-for-crude agreement with Dangote Refinery.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, gave the warning in an interview with Daily Post over the weekend.
The warning follows Dangote Refinery’s decision last week to resume selling refined petroleum products in US dollars, a move that effectively suspended the Naira-for-crude arrangement that allowed marketers to buy products from the refinery in naira.
Although the Federal Government has not officially commented on the development, there are reports that discussions are ongoing with Dangote Refinery to revive the Naira-for-crude deal.
Speaking on the issue, Gillis-Harry urged the government to conclude the talks quickly to prevent Nigerians from bearing the impact of higher fuel costs caused by global energy market changes.
He said government intervention would help shield Nigerians from the effects of international oil price fluctuations.
According to him, “Nigerians may start buying petrol in US dollars if the Federal Government does not intervene in the Naira-for-crude deal with Dangote Refinery.
“We hope the downstream oil sector will not be dollarised to that extent.”
The warning comes after depot owners and fuel marketers recently increased the ex-depot and retail prices of petrol and diesel.
At present, petrol sells for between ₦1,155 and ₦1,220 per litre, while diesel is sold for between ₦1,700 and ₦1,800 per litre in Abuja and surrounding areas.
