The Dangote Petroleum Refinery has reinstated the sale of petrol in the local Nigerian naira, reversing a brief suspension that had sparked concerns over fuel availability and pricing stability in Africa's largest economy.
Nigeria:Dangote refinery resumes petrol sales in naira
An oil tank farm, seen during the opening ceremony of Africa’s biggest oil refinery in Lagos, Nigeria, Monday, May 22, 2023.
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In a notice to customers late Saturday, the refinery announced the immediate resumption of naira payments, attributing the swift reversal to the intervention of the chairman of the Naira for Crude Technical Committee.
Customers were urged to place new orders for self-collection or delivery to designated locations across the country.
This move aims to calm markets after the initial halt to local currency sales created uncertainty about the domestic fuel supply.
Underlying crude supply challenges
The temporary suspension had highlighted ongoing difficulties at the massive refinery, which began supplying the domestic market earlier this year.
As Africa's largest refinery, it has faced challenges in securing a steady stream of crude oil feedstock, a symptom of Nigeria's broader oil production issues.
The resumption of naira sales signals a temporary resolution, but the incident underscores the fragility of Nigeria's quest for fuel self-sufficiency.