{"id":155838,"date":"2025-03-19T23:53:48","date_gmt":"2025-03-19T22:53:48","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars"},"modified":"2025-04-03T18:15:53","modified_gmt":"2025-04-03T17:15:53","slug":"fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars","title":{"rendered":"Fuel price hike, naira depreciation \u2014 CPPE on Dangote Refinery\u2019s sales of petrol in dollars"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Centre for the Promotion of Private Enterprise, CPPE, has warned Nigerians that Dangote Refinery\u2019s decision on Wednesday to sell its petroleum products in dollars will lead to a hike in the price of premium motor spirit and the depreciation of the naira.<\/p>\n

CPPE Chief Executive Officer, Dr Muda Yusuf, disclosed this in a statement on Wednesday.<\/p>\n

He made this remark following Dangote Refinery\u2019s announcement of its temporary suspension of petroleum product sales in naira.<\/p>\n

Reacting to the development, CPPE stated that Dangote\u2019s decision would significantly alter the dynamics of domestic petroleum product pricing and increase pressure on foreign exchange.<\/p>\n

\u201cThis is a disturbing development. It will significantly change the dynamics of domestic petroleum product pricing. The sustainability of the widely celebrated deceleration of petroleum product prices is now evidently at risk. We may see a reversal of the trend.<\/p>\n

\u201cThere are other macroeconomic implications. Demand pressure on the forex market would be elevated, resulting in an exchange rate depreciation scenario. The foreign reserves may come under pressure. All of these could result in adverse macroeconomic outcomes with profound implications for investor confidence,\u201d CPPE stated.<\/p>\n

Recall that the federal government initiated the naira-for-crude deal with Dangote Refinery in October last year.<\/p>\n

Earlier, the Nigerian National Petroleum Company Limited, NNPCL, confirmed its ongoing discussions with Dangote Refinery for a fresh contract under the naira-for-crude arrangement.<\/p>\n

During the naira-for-crude deal, Dangote Refinery sold to Nigerian marketers in naira because it purchased crude in the local currency through NNPCL.<\/p>\n

Nigerians currently buy petrol at prices ranging from N860 to N970 per litre in Lagos and Abuja.<\/p>\n

For More News And Analysis About Nigeria<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Centre for the Promotion of Private Enterprise, CPPE, has warned Nigerians that Dangote Refinery\u2019s decision on Wednesday to sell its petroleum products in dollars will lead to a hike in the price of premium motor spirit and the depreciation of the naira. CPPE Chief Executive Officer, Dr Muda Yusuf, disclosed this […]<\/p>\n","protected":false},"author":84,"featured_media":155837,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[10783,10513,10896,13362,254],"class_list":["post-155838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-cppe","tag-dangote-refinery","tag-fuel-price-hike","tag-naira-depreciation","tag-nigeria"],"yoast_head":"\nFuel price hike, naira depreciation \u2014 CPPE on Dangote Refinery\u2019s sales of petrol in dollars - Nigeria<\/title>\n<meta name=\"description\" content=\"The Centre for the Promotion of Private Enterprise, CPPE, has warned Nigerians that Dangote Refinery\u2019s decision on Wedne ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fuel price hike, naira depreciation \u2014 CPPE on Dangote Refinery\u2019s sales of petrol in dollars\" \/>\n<meta property=\"og:description\" content=\"The Centre for the Promotion of Private Enterprise, CPPE, has warned Nigerians that Dangote Refinery\u2019s decision on Wedne ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-19T22:53:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-03T17:15:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2025\/03\/sm_1742415971.527894.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1080\" \/>\n\t<meta property=\"og:image:height\" content=\"862\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Fuel price hike, naira depreciation \u2014 CPPE on Dangote Refinery\u2019s sales of petrol in dollars\",\"datePublished\":\"2025-03-19T22:53:48+00:00\",\"dateModified\":\"2025-04-03T17:15:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars\"},\"wordCount\":293,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2025\/03\/sm_1742415971.527894.jpg\",\"keywords\":[\"CPPE\",\"Dangote refinery\",\"Fuel price hike\",\"naira depreciation\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars\",\"name\":\"Fuel price hike, naira depreciation \u2014 CPPE on Dangote Refinery\u2019s sales of petrol in dollars - Nigeria\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2025\/03\/sm_1742415971.527894.jpg\",\"datePublished\":\"2025-03-19T22:53:48+00:00\",\"dateModified\":\"2025-04-03T17:15:53+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"The Centre for the Promotion of Private Enterprise, CPPE, has warned Nigerians that Dangote Refinery\u2019s decision on Wedne ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2025\/03\/sm_1742415971.527894.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2025\/03\/sm_1742415971.527894.jpg\",\"width\":1080,\"height\":862,\"caption\":\"Fuel price hike, naira depreciation \u2014 CPPE on Dangote Refinery\u2019s sales of petrol in dollars\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/nigeria\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Fuel price hike, naira depreciation \u2014 CPPE on Dangote Refinery\u2019s sales of petrol in dollars\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/\",\"name\":\"Africa Press | Nigeria | Homepage\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Fuel price hike, naira depreciation \u2014 CPPE on Dangote Refinery\u2019s sales of petrol in dollars - Nigeria","description":"The Centre for the Promotion of Private Enterprise, CPPE, has warned Nigerians that Dangote Refinery\u2019s decision on Wedne ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars","og_locale":"en_US","og_type":"article","og_title":"Fuel price hike, naira depreciation \u2014 CPPE on Dangote Refinery\u2019s sales of petrol in dollars","og_description":"The Centre for the Promotion of Private Enterprise, CPPE, has warned Nigerians that Dangote Refinery\u2019s decision on Wedne ...","og_url":"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars","og_site_name":"Nigeria","article_published_time":"2025-03-19T22:53:48+00:00","article_modified_time":"2025-04-03T17:15:53+00:00","og_image":[{"width":1080,"height":862,"url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2025\/03\/sm_1742415971.527894.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Fuel price hike, naira depreciation \u2014 CPPE on Dangote Refinery\u2019s sales of petrol in dollars","datePublished":"2025-03-19T22:53:48+00:00","dateModified":"2025-04-03T17:15:53+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars"},"wordCount":293,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2025\/03\/sm_1742415971.527894.jpg","keywords":["CPPE","Dangote refinery","Fuel price hike","naira depreciation","Nigeria"],"articleSection":["all news","Economy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars","url":"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars","name":"Fuel price hike, naira depreciation \u2014 CPPE on Dangote Refinery\u2019s sales of petrol in dollars - Nigeria","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2025\/03\/sm_1742415971.527894.jpg","datePublished":"2025-03-19T22:53:48+00:00","dateModified":"2025-04-03T17:15:53+00:00","author":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"The Centre for the Promotion of Private Enterprise, CPPE, has warned Nigerians that Dangote Refinery\u2019s decision on Wedne ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars#primaryimage","url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2025\/03\/sm_1742415971.527894.jpg","contentUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2025\/03\/sm_1742415971.527894.jpg","width":1080,"height":862,"caption":"Fuel price hike, naira depreciation \u2014 CPPE on Dangote Refinery\u2019s sales of petrol in dollars"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-price-hike-naira-depreciation-cppe-on-dangote-refinerys-sales-of-petrol-in-dollars#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/nigeria\/"},{"@type":"ListItem","position":2,"name":"Fuel price hike, naira depreciation \u2014 CPPE on Dangote Refinery\u2019s sales of petrol in dollars"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/nigeria\/#website","url":"https:\/\/www.africa-press.net\/nigeria\/","name":"Africa Press | Nigeria | Homepage","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","url":"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren"}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/155838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/comments?post=155838"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/155838\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media\/155837"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media?parent=155838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/categories?post=155838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/tags?post=155838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}