Index to Nigerian NewspapersNaira-for-Crude: Marketers Fear Price Hike as FG Suspends Sale to Dangote
by
DARE, Olawin
Monday, March 24, 2025, pg.35
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Naira-for-Crude: Marketers Fear Price Hike as FG Suspends Sale to Dangote Following the Dangote Petroleum Refinery's temporary suspension of selling petroleum products in local currency due to a currency mismatch with its dollar-denominated crude obligations, private depot owners and filling station operators have begun hiking prices and panic-buying to stockpile fuel in anticipation of a cost surge. In response, the Independent Petroleum Marketers Association of Nigeria has strongly condemned these profiteering practices and warned retailers against hoarding large volumes, noting that it could lead to severe capital losses if the refinery lowers prices again once ongoing negotiations between the Federal Government and the facility successfully restore the local currency crude sales agreement. DARE, Olawin | Petroleum industry and trade -- Nigeria -- Prices | Punch Newspaper | Monday, March 24, 2025 |