Less than 24 hours after suspending the sale of petrol in naira, Dangote Petroleum Refinery has reversed course and reinstated it.
The initial decision — to halt naira-based transactions starting Sunday, September 28 — was explained as necessary because the refinery had been selling beyond its approved naira crude allocation and could no longer sustain the arrangement.
However, following intervention from Dr. Zacch Adedeji, the Chairman of the Naira for Crude Transaction Committee and Executive Chairman of the Federal Inland Revenue Service (FIRS), the refinery issued a fresh notice rescinding the suspension.
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The revised notice informed customers that the sale of Premium Motor Spirit (PMS) in naira would “commence immediately”, and invited customers to place orders in naira for self-collection or delivery at previously designated locations.
The Naira for Crude scheme, established by the federal government through the Nigerian National Petroleum Company (NNPCL), is designed to supply crude oil to domestic refineries.
This dramatic reversal underscores the pressures and complexities in downstream fuel transactions under the current regulatory and financial regime.