Dangote Refinery Receives Government Backing as It Shifts to Dollar Pricing

Nigeria’s Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, praised the Dangote Petroleum Refinery & Petrochemicals as a national pride and the country’s most transformative industrial investment. He said the federal government will continue to provide policy and regulatory support to maximise the refinery’s contribution to energy security, industrialisation and economic growth. Chairman of the Nigerian Upstream Petroleum Regulatory Commission, Senator Magnus Abe, echoed the sentiment, calling the project a remarkable industrial accomplishment.

The refinery’s Group Vice President, Oil & Gas, Devakumar Edwin, highlighted its advanced environmental technologies that meet EU and US EPA standards. Meanwhile, the Petroleum Industry Act regulator confirmed that the refinery’s decision to quote fuel prices in US dollars does not violate the law, allowing it to recover costs incurred in dollars. Industry bodies such as the Independent Petroleum Marketers Association of Nigeria warned that the dollar pricing could trigger fuel price hikes and urged government intervention. The Petroleum Products Retail Outlets Owners Association also called for the revival of state‑owned refineries to reduce reliance on a single supplier and cushion the market from exchange‑rate shocks.