Petroleum products marketers have warned that Nigerians could soon begin paying for petrol, diesel and other refined petroleum products in US dollars if the Federal Government fails to restore the naira-for-crude arrangement with Dangote Refinery.

The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, raised the concern in an interview, urging the government to quickly conclude ongoing discussions with the refinery.

The warning follows Dangote Refinery’s decision last week to resume the sale of refined petroleum products in US dollars, a move widely seen as signaling the suspension of the naira-for-crude agreement that allowed marketers to purchase products in the local currency.

Although the Federal Government has not officially commented on the development, reports suggest it has begun talks with the refinery to restore the naira-for-crude deal.

Gillis-Harry said resolving the issue promptly would shield Nigerians from the impact of rising global energy prices and prevent further pressure on fuel costs.

“Nigerians may start buying petrol in US dollars if the Federal Government does not intervene in the naira-for-crude deal with Dangote Refinery. We hope the downstream oil sector will not be dollarized to that extent,” he said.

The development comes after depot owners and fuel marketers increased the ex-depot and retail prices of petrol and diesel following the refinery’s pricing adjustment.

Petrol currently sells for between N1,155 and N1,220 per liter, while diesel is priced between N1,700 and N1,800 per liter in Abuja and surrounding areas.