Petroleum products Marketing professionals and deposit owners in Nigeria's oil and gas sector accused the Dangote refinery to blackmail the Nigerian government because of a Naira-For-Cruce sales agreement amid the premium uncertainty of motor spirit prices.

This occurs when the Federal Government's technical subcommittee on oil sales and refined products did not meet on Monday about discussions to learn about the destination of the Naira-For-Cruce sales agreement with the Dangote refinery through the Nigeria National Petroleum Company.

A reliable source familiar with subcommittee negotiations chaired by Federal Inland Executive Revenue Service, Zacchi Adedeji, who preferred anonymity, released this to Daily Post on Monday.

He said the committee did not meet as previously planned on Monday, because the Midstream Regulatory Committee and the downstream of Nigeria did not report a report on oil availability and situation evaluation.

“The meeting was not remained because NMDPRA did not send its report by evaluating the situation of things,” he told Daily.

Meanwhile, one of the leading executives of Deppot and Petroleum Products Marketners Association of Nigeria noted that the Dangote refinery, suspending its sales of oil products in Naira, allegedly wanting to incite the public against the Nigerian government.

According to him, before Naira-For-Cruce's agreement, marketing professionals and petroleum products are buying imported dollar premium engine spirit, emphasizing that sales of dollar refinery products will not make a difference or cost interruption.

He added that the decision of the Dangote Refinery to suspend his product sales in Naira was to intimidate the Nigerian government to a new agreement by Naira-For-Cruce.

“When marketers were importing fuel under the subsidy regime, they were paying in dollars.

“If we pay the Dangote refinery for dollar oil products, there will be no difference. Even before Dangote the refinery has the privilege of buying oil in Naira, we were buying the dollar oil product.
“What the Dangote Refinery is doing is cheap blackmail. Technically, Dangote is trying to incite people against the government.

“Dangote has not reduced the price of his products because he loves Nigerians, but for competitive advantages,” he said.

At the beginning of the statement, Dappman's executive director Olufemi Adewole said that the naira-pit oil transaction structure has significant risks that may affect Nigeria's currency stability and prevent foreign direct investment, the IDE.

“The global oil market operates in US dollars because of its stability. Continue policy can alienate partners and commercial investors that depend on the predictability of the dollar,” he said.

Remember that the Dangote refinery on Wednesday announced the suspension of its product sales in Naira.

The 650,000 barrels a day refinery explained that his decision to stop the agreement was to “avoid incompatibility between his sales resources and gross purchase obligations.”

Although the Dangote Refinery has not yet launched a new petroleum product price model, it would reflect its price policy when announced.

Meanwhile, marketing professionals and retailers have announced the readiness to seek alternatives outside Refinery's oil products if the refinery price is not favorable.

The Daily Post reports that, only one week ago, the Lekki-Lagos-based refinery reduced its ex-ex-gasoline price to N815 per liter of N825 as the Naira-For-Cruce agreement subsisted.

Data from the Nigeria Marketing Association of the main energies showed that the cost of landing fuel was at N797.66 per liter from March 14, 2025.

However, as the Dangote Refinery became public in its decision to start sales of dollar gasoline products, has panicked with an eminent retail fuel price increase.

Currently, the Nigerians buy NNPC and the fuel of the Dangote Refinery between N860 and N880 per liter in lakes and abuja.

Other marketing professionals and independent petroleum products sell the product between N920 and N950 per liter in supply posts, depending on the place.