{"id":2237,"date":"2026-07-21T07:54:10","date_gmt":"2026-07-21T07:54:10","guid":{"rendered":"https:\/\/consumerconnectng.com\/?p=2237"},"modified":"2026-07-21T09:09:36","modified_gmt":"2026-07-21T09:09:36","slug":"fccpc-warns-dangote-refinery-against-illegality-of-petrol-pricing-in-dollars-in-nigeria","status":"publish","type":"post","link":"https:\/\/consumerconnectng.com\/?p=2237","title":{"rendered":"FCCPC warns Dangote Refinery against illegality of pricing petrol in Dollars in Nigeria"},"content":{"rendered":"<p>*<strong><em>The Federal Competition and Consumer Protection Commission declares the Naira remains Nigeria\u2019s only lawful currency for domestic commercial transactions across the country, cautioning the Dangote Petroleum Refinery it will not hesitate to take appropriate enforcement action regarding credible evidence of anti-competitive conduct, consumer exploitation, or any other contravention of the FCCPA Act<\/em><\/strong><\/p>\n<p>Isola Moses | ConsumerConnect<\/p>\n<p>Sequel to recent reports that the Dangote Petroleum Refinery, in Lagos, is considering pricing petroleum products in the Unitec States (US) Dollars in the domestic oil market, the Federal Competition and Consumer Protection Commission (FCCPC) has declared the Naira, Nigeria\u2019s currency, remains the only lawful currency for commercial transactions across the West African country.<\/p>\n<p><em>ConsumerConnect<\/em> reports the market regulatory Commission said the Nigerian Naira is the legal tender, and it so it remains the lawful currency for domestic commercial transactions within the sovereign country.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"njaRDCQdZq\"><p><a href=\"https:\/\/consumerconnectng.com\/?p=2246\">BNPL Financing: Millions of American families going into debts just to buy groceries &#8211;Study<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cBNPL Financing: Millions of American families going into debts just to buy groceries \u2013Study\u201d \u2014 Consumer Experience Is A Top Priority\" src=\"https:\/\/consumerconnectng.com\/?p=2246&amp;embed=true#?secret=A0EoegfVtP#?secret=njaRDCQdZq\" data-secret=\"njaRDCQdZq\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Earlier, a top Federal Government official, who craved anonymity due to sensitivity of the matter Sunday, July 19, reportedly, had hinted at certain factors might have made Dangote Refinery to be &#8220;unhappy&#8221; with the government over the continued issuance of more import licences to some oil marketers despite its comparatively large capacity to refine oil for the domestic market.<\/p>\n<p>The official alleged the Dangote Refinery was dissatisfied with the volume of crude supplied to it by the Nigerian National Petroleum Company Limited (NNPCL) aside from the relatively little volume of the crude purchased in Naira from the state oil company.<\/p>\n<p><strong>Dangote can&#8217;t hold Nigerians to ransom, says <\/strong><strong>FCCPC <\/strong><\/p>\n<p>Despite Dangote&#8217;s purported claims for resorting to pricing the Premium Motor Spirit (PMS), also called petrol, in Dollars for Nigerian consumers, Mr. Ondaje Ijagwu, Director of Corporate Affairs at FCCPC, in response to enquiries Sunday, July 19, said: \u201cThe Commission\u2019s position is clear,\u201d The Punch report said.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2268 size-full\" src=\"https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/07\/FCCPC-CCFNL-2.png\" alt=\"\" width=\"672\" height=\"350\" srcset=\"https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/07\/FCCPC-CCFNL-2.png 672w, https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/07\/FCCPC-CCFNL-2-300x156.png 300w\" sizes=\"auto, (max-width: 672px) 100vw, 672px\" \/><\/p>\n<p>Ijagwu stated in clear terms: &#8220;The Nigerian Naira is the legal tender in Nigeria and remains the lawful currency for domestic commercial transactions.\u201d<\/p>\n<p>The FCCPC also expressed concerns that the recent decline in international crude oil prices in the past several weeks has not been reflected proportionately in the prices of petrol sold to energy consumers in the country.<\/p>\n<p>He explained: \u201cThe FCCPC remains concerned that recent declines in international crude oil prices have not been reflected proportionately in retail petrol prices.<\/p>\n<p>&#8220;As the Commission stated in its 28 June public statement, pump prices increased rapidly when crude oil prices rose, yet the subsequent decline in international crude oil prices has not translated into corresponding reductions for consumers.\u201d<\/p>\n<p>The Director of Corporate Affairs of the Commission further explained that the Federal Government, amid recent developments in the global oil market, convened a stakeholders\u2019 meeting involving regulators, refiners, marketers, and other participants in the petroleum industry, following its concerns about continued oil price hikes in the domestic market.<\/p>\n<p>He stated: \u201cThe Commission stands by this position, and expects that, within a reasonable period, the benefits of lower international crude oil prices will be reflected in corresponding reductions in pump prices where market conditions justify such adjustments.&#8221;<\/p>\n<p>The Commission, however, assured Nigerians: \u201cThe FCCPC will continue to monitor developments closely, and will not hesitate to take appropriate enforcement action where there is credible evidence of anti-competitive conduct, consumer exploitation or any other contravention of the Federal Competition and Consumer Protection Act\u201d 2018 by Dangote Refinery, other players in the downstream petroleum sector of the economy.<\/p>\n<p><strong>On rising concerns about fuel price stability<\/strong><\/p>\n<p>Explaining further the possible effects of dollarisation of PMS sakes to oil marketers in Nigeria on the Foreign Exchange (Forex) market, the top government official, noted earlier, declared: \u201cSo, the issue is that Dangote is unhappy about two things; one is that the government gave import permits.<\/p>\n<p>&#8220;They issued import permits to some companies while his Refinery is capable.<\/p>\n<p>&#8220;So, he was already angry on that level.&#8221;<\/p>\n<p>The source equally noted: \u201cThen number two is that the Refinery is saying that it is not getting enough crude oil even from the Nigerian National Petroleum Company Limited.<\/p>\n<p>&#8220;The percentage of Naira for crude that they are giving to the facility is not a lot.&#8221;<\/p>\n<p>The official further said: \u201cNumber one is that the facility is still not getting enough, according to him.<\/p>\n<p>&#8220;And number two is that the portion they are selling to him in Naira is still a little. He still has to do most purchases in Dollars. &#8221;<\/p>\n<p>The official stated: &#8220;So, the facility (Dangote Refinery) is saying that if the government cannot increase the crude they are giving to him in Naira, the new Dollar pricing template is what he will do. So those are the two issues.\u201d<\/p>\n<p><strong>Bello on FCCPC&#8217;s commitment to protecting energy consumers against exploitation, profiteering&nbsp;<\/strong><\/p>\n<p>The FCCPC recently disclosed that its findings from surveillance of the downstream petroleum market indicated the gantry prices of local refiners, marketers, depot operators and retail outlet operators revealed mere \u201ctoken reductions\u201d in prices that are not commensurate with the steep fall in crude prices in the global market.<\/p>\n<p>Speaking on the development, Mr. Tunji Bello, Executive Vice-Chairman and Chief Executive Officer (EVC\/CEO) of FCCPC, in a statement had said: \u201cTo be clear, the Commission does not regulate or approve petroleum prices in a deregulated downstream market.<\/p>\n<p>\u201cOur responsibility under the Federal Competition and Consumer Protection Act, 2018, is to promote competitive markets, prevent anti-competitive conduct, and protect consumers from unfair, deceptive and exploitative business practices.\u201d<\/p>\n<p>Bello, however, stated: \u201cWe are concerned that while dealers often respond swiftly by hiking pump prices whenever crude prices rise, it is curious that it is taking forever for consumers to benefit significantly when crude prices fall.<\/p>\n<p>\u201cCompetitive markets must work fairly in both directions.\u201d<\/p>\n<p>Emphasising the significance of protecting consumers from exploitation in the domestic oil market, the EVC\/CEO of the Commission noted: \u201cMarket liberalisation does not diminish businesses\u2019 obligations to compete fairly or consumers\u2019 right to fair treatment.<\/p>\n<p>\u201cWhere credible evidence indicates conduct that undermines competition, exploits consumers or otherwise contravenes the Federal Competition and Consumer Protection Act, the Commission will investigate and take appropriate enforcement action.\u201d<\/p>\n<p>Meanwhile, the development has continued to raise fresh concerns over the stability of petrol prices, with the Dangote Refinery\u2019s decision to price its products in Dollars.<\/p>\n<p>Industry observer reportedly said the Dangote&#8217;s move is potentially exposing domestic fuel prices to movements in the Forex market once more, according to report.<\/p>\n<p><em>Additional reporting by Alexander Davis.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>*The Federal Competition and Consumer Protection Commission declares the Naira remains Nigeria\u2019s only lawful currency for domestic commercial transactions across the country, cautioning the Dangote&hellip;<\/p>\n","protected":false},"author":2,"featured_media":2241,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"_FSMCFIC_featured_image_caption":"A Section of the Dangote Petroleum Refinery and Petrochemicals Complex, Lagos","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","_customify_content_layout":"","_customify_sidebar":"","_customify_page_header_display":"default","_customify_disable_header":"","_customify_disable_header_top":"","_customify_disable_header_main":"","_customify_disable_header_bottom":"","_customify_disable_page_title":"","_customify_disable_content_vertical_padding":"","_customify_disable_footer_top":"","_customify_disable_footer_main":"","_customify_disable_footer_bottom":"","_customify_breadcrumb_display":"","_customify_header_transparent_display":"default","footnotes":""},"categories":[20,4,8],"tags":[],"class_list":["post-2237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-highlights","category-markets","category-regulators"],"featured_image_urls":{"full":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/07\/Nigeria-and-Dangote-Petroleum-Refinery-cc.png",672,365,false],"thumbnail":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/07\/Nigeria-and-Dangote-Petroleum-Refinery-cc-150x150.png",150,150,true],"medium":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/07\/Nigeria-and-Dangote-Petroleum-Refinery-cc-300x163.png",300,163,true],"medium_large":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/07\/Nigeria-and-Dangote-Petroleum-Refinery-cc.png",672,365,false],"large":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/07\/Nigeria-and-Dangote-Petroleum-Refinery-cc.png",672,365,false],"1536x1536":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/07\/Nigeria-and-Dangote-Petroleum-Refinery-cc.png",672,365,false],"2048x2048":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/07\/Nigeria-and-Dangote-Petroleum-Refinery-cc.png",672,365,false]},"author_info":{"info":["ConsumerConnect"]},"category_info":"<a href=\"https:\/\/consumerconnectng.com\/?cat=20\" rel=\"category\">Highlights<\/a> <a href=\"https:\/\/consumerconnectng.com\/?cat=4\" rel=\"category\">Markets<\/a> <a href=\"https:\/\/consumerconnectng.com\/?cat=8\" rel=\"category\">Regulators<\/a>","tag_info":"Regulators","comment_count":"0","_links":{"self":[{"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/posts\/2237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2237"}],"version-history":[{"count":8,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/posts\/2237\/revisions"}],"predecessor-version":[{"id":2272,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/posts\/2237\/revisions\/2272"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/media\/2241"}],"wp:attachment":[{"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}