Petroleum marketers in Nigeria may be forced to sell fuel in dollars if the federal government and local refineries, including Dangote Petroleum Refinery, do not resolve the Naira-for-Crude issue, according to the Independent Petroleum Marketers Association of Nigeria (IPMAN).
IPMAN’s National Publicity Secretary, Chinedu Ukadike, raised concerns after Dangote Refinery announced it would stop selling petroleum products in Naira, opting instead for transactions in dollars.
This move comes after the expiration of the initial phase of the Naira-for-Crude arrangement between the government and local refineries.
In an interview with Nairametrics, Ukadike expressed shock over Dangote’s decision and warned that it could impact pump prices and increase pressure on the foreign exchange market.
“I was surprised by Dangote’s announcement. I thought the Naira-for-Crude issue had been settled between the federal government and Dangote.
