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Dangote Refinery Shifts Fuel Sales in Nigeria to Dollar Pricing
Africa's largest oil refinery has begun pricing its products in US dollars for sales inside Nigeria. Semafor reported the change reverses a 2024 commitment to use the local naira currency.
Jul 15, 9:56 AM·1m read1 source
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The Dangote Refinery has moved to price its products in Nigeria in US dollars. Semafor reported the shift, which the company said aims to shield it from foreign exchange risks ahead of a planned initial public offering later in 2026. The refinery agreed in 2024 to set depot prices in naira after a government deal that allowed it to purchase domestically sourced crude oil in the local currency.
It continues to buy foreign crude in dollars for a significant portion of its feedstock. The 650,000 barrels-per-day plant in Lagos produces enough fuel for domestic consumption in Nigeria. Semafor reported that the refinery is the most influential determinant of pump prices in Africa's most populous nation.
President Bola Tinubu removed a fuel subsidy in 2023. Semafor reported that higher fuel prices since the removal have created a cost of living crisis that ranks as the top issue for voters ahead of January presidential elections.
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