Some Ibadan residents have expressed anxiety over an anticipated increase in prices of items following Dangote Refinery’s move to stop the transaction of petroleum products in naira come March 31.
The respondents shared their minds in separate interviews with the News Agency of Nigeria (NAN) in Ibadan on Tuesday.
Mr Oluyemi Ojeyemi, said Nigerians should expect ripple effects on the prices of items, thus adding to the present economic hardship.
He said things were already taking shape with the recent consecutive drops in the price of petrol, being an essential commodity that Nigerians relied upon.
“When Dangote Refinery was purchasing crude in naira, there was a reduction in the price of petrol sold to Nigerians.
“If the company now starts to buy in dollars, it will affect the masses,” Ojeyemi said.
He, therefore, appealed to the government to work on making life better for Nigerians.
NAN recalls that the refinery recently announced a temporary halt in the sales of its petroleum products in Naira from March 31.
The company hinged it on an imbalance between its sales proceeds and crude oil purchase obligations denominated in dollars.
According to a report, the suspension of naira petrol sales is expected to fuel a surge in demand for US dollars in Nigeria’s foreign exchange market.
This is amid the delays in the renegotiation of the naira-for-crude deal.
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