Fuel retailers across Nigeria are holding onto petrol supplies following Dangote Refinery’s decision to stop selling in naira, fearing an increase in pump prices.
Many filling stations are stocking up, expecting that fuel prices will rise due to the refinery’s switch to dollar payments for crude oil.
However, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned against panic buying, cautioning that those hoarding fuel may suffer losses if prices drop instead of rising. Depot owners have already increased their rates, taking advantage of the uncertainty.
The refinery’s decision stems from challenges in securing crude oil under the naira-for-crude arrangement. Talks between the Federal Government and Dangote Refinery are ongoing to resolve the issue. Meanwhile, imported petrol shipments are expected soon, which could ease supply concerns.
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