An energy expert and National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Joseph Obele, has expressed concern over the reported decision by Dangote Refinery to suspend the sale of petroleum products in naira and adopt dollar-denominated transactions.
Obele, who is also a lecturer at Ignatius Ajuru University of Education, Port Harcourt, described the reported move as a major policy issue with far-reaching implications for Nigeria’s economy.
Reacting to a report published by Daily Trust on July 13, 2026, he said that although businesses have commercial interests, decisions affecting the nation’s petroleum sector should also consider their wider economic impact.
He noted that the oil and gas sector remains central to Nigeria’s economy, warning that pricing petroleum products in foreign currency could increase demand for the United States dollar, weaken the naira, worsen exchange rate volatility, and fuel inflation.
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Obele recalled that the Federal Government had previously discouraged the collection of school fees in foreign currencies to protect the naira and questioned whether products sold within Nigeria should be priced in dollars.
According to him, allowing domestic petroleum transactions in foreign currency could set a dangerous precedent, encouraging other manufacturers and service providers to abandon the naira for local transactions.
He warned that such a trend could increase production costs, reduce industrial productivity, raise the cost of living, erode investor confidence in Nigeria’s monetary stability, slow economic growth, and worsen poverty.
The energy expert also urged legal scholars and policymakers to examine whether existing laws adequately regulate the currency used for domestic commercial transactions.
To address the challenge, Obele recommended strengthening the Federal Government’s crude-for-naira policy, increasing crude oil allocation to local refineries through the Nigerian National Petroleum Company Limited (NNPCL), and providing clear regulatory guidance on the currency for domestic petroleum transactions.
He also called on the Central Bank of Nigeria and other relevant agencies to intensify efforts to stabilise the foreign exchange market while urging stakeholders in the petroleum industry to balance commercial interests with Nigeria’s long-term economic stability and energy security.
