Nigeria’s Independent Petroleum Marketers Association of Nigeria (IPMAN) has sounded the alarm, warning that fuel may soon be sold in dollars if the ongoing Naira-for-Crude standoff between the federal government and local refineries — including the Dangote Petroleum Refinery — remains unresolved.
Chinedu Ukadike, IPMAN’s National Publicity Secretary, expressed concern after Dangote Refinery announced plans to stop selling petroleum products in Naira, opting instead for dollar transactions. This decision follows the expiration of the initial Naira-for-Crude agreement, which was reportedly a temporary measure.
Speaking to *Nairametrics*, Ukadike admitted his surprise over the refinery’s move, stating, “I thought the Naira-for-Crude matter had been settled between the government and Dangote. It now appears the arrangement was only a trial phase.”
He warned that if marketers are forced to buy fuel in dollars, they would likely sell in dollars too — a shift that could cause fuel prices to soar and further strain the already volatile foreign exchange market.
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“If we buy in dollars, we will have no choice but to sell in dollars. We are fuel marketers, not currency exchangers,”
he said. Ukadike also cautioned that the fallout from such a change could severely weaken the Naira, exacerbating Nigeria’s economic struggles. Despite the uncertainty, he expressed hope that the federal government and Dangote Refinery would find a resolution to restore the Naira-based arrangement.
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“If the Nigerian National Petroleum Company (NNPC) continues to supply us in Naira, we will stick to selling in Naira. I remain optimistic that this issue will be resolved swiftly,”
he added. The standoff now puts both the government and Dangote Refinery under increasing pressure to clarify their stance, as Nigerians brace for the potential ripple effects on fuel prices and the wider economy.
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