Oil marketers across Nigeria have expressed optimism that the price of petrol could significantly drop nationwide, following the commencement of petrol sales by the Dangote Refinery in Nigerian naira.
The Dangote Refinery, Africa’s largest, officially began supplying refined petroleum products to marketers this week, marking a historic shift in Nigeria’s energy sector. Unlike previous transactions conducted in U.S. dollars, Dangote is offering the product in the local currency—a move industry stakeholders say could stabilize prices and ease the pressure on Nigeria’s foreign exchange reserves.
Speaking on the development, members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) noted that domestic sourcing and local currency transactions would drastically reduce logistics and importation costs, ultimately benefiting Nigerian consumers.
“This is a game-changer,” said an IPMAN spokesperson. “By eliminating foreign exchange bottlenecks and middlemen, Dangote is giving Nigerians hope for more affordable and accessible fuel.”
The move also aligns with federal government efforts to achieve fuel sufficiency and end dependency on imported refined petroleum products. Observers say it could drive down pump prices, improve supply consistency, and enhance economic productivity across sectors.
Market analysts and economists are now watching closely to see how soon the price reduction will reflect at filling stations across the country.
