Tag: Dangote refinery

Dangote Refinery fuel exports have increased sharply as the refinery turns to international crude suppliers amid reduced deliveries under Nigeria's naira-for-crude arrangement and mounting foreign exchange challenges.

Fuel marketers across Nigeria are scaling back purchases from Dangote Refinery after its switch to dollar-denominated pricing. The Federal Government has stepped in as talks continue over fuel pricing, imports and supply.

Dangote Refinery has switched petrol, diesel and aviation fuel sales from naira to dollars, a move that could increase fuel costs and worsen inflation pressures for Nigerian households already facing rising food and transport prices.

Nigeria's jet fuel exports to Europe surged to a record high in June, allowing the Dangote Refinery to overtake the United States as Europe's leading external supplier of aviation fuel. The development highlights Nigeria's growing influence in global refined fuel markets despite weakening jet fuel prices.

Oil prices now at pre-war levels following the reopening of the Strait of Hormuz and a sharp decline in crude benchmarks. However, Nigerians are still paying up to N1,300 per litre for petrol, raising questions about why global market gains have yet to reach consumers.