Dangote Refinery: PETROAN kicks against petrol sale in dollars

The Petroleum Products Retail Outlet Owners Association of Nigeria has kicked against the sale of petroleum products in the Nigerian market in dollars by Dangote Refinery.

National President of PETROAN, Billy Gillis-Harry, made this known on Tuesday in a statement.

His comment comes as Dangote Refinery on Wednesday last week decided to suspend petroleum product sales in Naira.

Dangote Refinery follows the statement in discussion regarding the continuation of the Naira-for-crude sale policy with the Nigerian National Petroleum Company Limited.

Reacting, Gillis-Harry said petrol product sales in dollars would have an adverse impact on Nigeria's economy because they would result in undue pressure on the Naira at the foreign exchange market.

He urged the federal government to ensure that all petroleum products sales within the country were done in Naira.

“We oppose the sale of petroleum products or any other products within Nigeria in dollars.

“We believe that such a practice would have an adverse impact on the economy, bringing undue pressure on foreign currency and exacerbating Nigeria's already challenging inflationary situation.

“We urge the government to ensure that all transactions within the country are conducted in the local currency, the Naira, to protect the economy and the welfare of Nigerians,” he said.

He added that the federal government should review and evaluate the Petroleum Industry Act (PIA) to examine necessary adjustments that will ensure the Act aligns with the current realities of the petroleum industry.

“We believe that a comprehensive review of the PIA will provide opportunities to address emerging challenges, promote investment and enhance the overall efficiency of the petroleum sector.

“We also wish to commend the federal government for its commitment to allowing market forces to determine pricing, which encourages healthy competition and prevents the monopoly of any kind.

“This approach will ensure that the petroleum market remains competitive, innovative, and responsive to the needs of Nigerians,” he said.