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,…
The Dangote Petroleum Refinery has now suspended the sale of petrol in naira, effective Sunday, a decision that has unsettled fuel marketers and spiked fresh fears of upward pressure on pump prices as well as volatility in Nigeria’s foreign exchange market. In a notice sent to customers at 6:42 pm on Friday, September 26, the…
The fragile peace between the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) and the $20bn Dangote Petroleum Refinery has broken down, sparking a fierce labour dispute that threatens national fuel supply. The row stems from NUPENG’s claim that Dangote reneged on a Memorandum of Understanding signed on September 9, which guaranteed tanker drivers…
