- Dangote Refinery Suspends Naira Transactions
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IPMAN warns pump prices could rise above ₦910 without government intervention.
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The suspension follows the exhaustion of the crude-for-Naira deal with FG.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned that petrol prices could rise following the decision of the Dangote Refinery to suspend sales of Premium Motor Spirit (PMS) in Naira.
IPMAN’s National President, Abubakar Maigandi, confirmed on Saturday that the refinery formally notified its customers via email on Friday, announcing that all PMS sales would only be conducted in foreign exchange from Sunday, September 28, 2025.
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EKO HOT BLOG reports that according to him, the move will push pump prices above the current ₦865 per litre in Lagos and ₦910 in Abuja.
“Yes, we received the email from Dangote Refinery on the suspension of PMS sales in Naira on Friday evening. The implication is that our members will announce a fuel price increase. It may take effect from Monday if the Federal Government does not intervene,” Maigandi said.
He stressed that unless urgent discussions are held between the Federal Government and Dangote Refinery to restore the crude-for-Naira arrangement, Nigerians should expect new price templates from September 29.
Dangote Refinery had earlier suspended Naira transactions after exhausting the allocation granted under the crude-for-Naira agreement introduced on October 1, 2024. The pact allowed the 650,000-barrel-per-day plant to purchase crude oil in Naira instead of foreign exchange, with the aim of stabilising local pump prices.
The Federal Government extended the agreement indefinitely in April 2025, pledging that it would ease production costs and make petrol more affordable.
The suspension comes amid rising tensions between the refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), following allegations that more than 800 Nigerian workers were sacked. The labour dispute has heightened fears of possible disruptions to fuel supply in the country.
