In a swift dramatic reversal, Dangote Petroleum Refinery has resumed the sale of petrol denominated in naira, less than 24 hours after announcing a suspension of local currency transactions.
A memo circulated to marketers on Saturday confirms that the decision followed intervention from the Naira-for-Crude Technical Committee, chaired by Dr. Zacch Adedeji.
“Following the intervention, we are pleased to inform you of the resumption of PMS sales in Naira commencing immediately,” the notice stated.
The refinery had earlier issued a memo on Friday stating that, effective Sunday, September 28, it would halt sales of Premium Motor Spirit (PMS) in naira.
The suspension was explained as necessary because Dangote had been selling fuel “in excess of our Naira-Crude allocations” and could no longer sustain PMS sales in the local currency.
With the reversal, marketers have been told to “proceed to place your orders in Naira for both self-collection and free delivery of PMS to advised locations across the country.”
Industry watchers say the episode underscores the tension at the heart of Nigeria’s energy sector: balancing export ambitions, crude allocations, and the need to support naira-based transactions for domestic stability.
The resumption is also a relief to motorists and fuel marketers, who had expressed concern that a move to dollar-denominated pricing would fuel pump price hikes and further strain Nigeria’s fragile currency.
As of now, Dangote’s memo appears to override the earlier suspension notice, restoring confidence in the naira-based fuel market for now.
