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Nigeria’s petroleum regulator has defended Dangote Refinery’s dollar-pricing policy in NigeriaDangote Refinery cancelled all naira-denominated invoices for coastal and gantry transactionsPetroleum marketers and PETROAN warned that dollar-denominated fuel sales could deepen foreign exchange pressure
Nigeria’s midstream and downstream petroleum regulator has come out in defence of Dangote Petroleum Refinery’s move to price refined petroleum products in U.S. dollars, stating that the Petroleum Industry Act (PIA) explicitly permits operators to recover costs incurred in foreign currency.
Dangote’s fuel sales in dollars spark debate. Photo: BloombergSource: UGC
Punch reports that Senior officials at the regulatory body, who spoke anonymously because they lacked authorisation to comment publicly, said the legal framework grants operators the right to recoup eligible operating expenses and earn reasonable returns on their capital.
The clarification came after Dangote Refinery directed marketers to pay for petrol, diesel, and aviation fuel in dollars for all gantry and coastal transactions, ending the previous naira-based pricing
