Dangote's Dollar Shift Reveals Nigeria's Bigger Oil Problem

AI Summary

Dangote Petroleum Refinery in Nigeria has begun pricing its fuel products in U.S. dollars due to difficulties in securing sufficient Nigerian crude oil through the government's naira-for-crude program. The refinery, Africa's largest with a capacity of 700,000 barrels per day, highlights the country's broader crude supply challenges.

Africa's biggest refinery has started pricing fuel in U.S. dollars because Nigeria can't supply enough Nigerian crude to keep it running. Dangote Petroleum Refinery, which can process 700,000 barrels of crude per day, said it is switching domestic gasoline, diesel, and jet fuel pricing to dollars after struggling to secure enough barrels through the government's naira-for-crude program. Gasoline is now priced at $0.779 per liter, diesel at $1.087, and jet fuel at $0.942. The refinery says it needs 13 to 15 crude cargoes every month. State-owned…