FG Begins Sales of Crude Oil to Refineries in Naira Amid Petrol Price Hike

The Nigerian federal government says it has officially commenced the sale of crude oil and refined petroleum products in naira to Dangote refineries and others.

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, announced on Saturday that the sale, in line with a directive from the Federal Executive Council (FEC), began on October 1.

Following a meeting chaired by the Minister of Finance to review the initiative’s early progress, key stakeholders affirmed the commencement of the naira-based sales.

Attendees included top figures from the petroleum sector, including the Minister of State for Petroleum, representatives of the Dangote Group, and the Nigerian National Petroleum Company (NNPC) leadership.

Tinubu’s administration expects this to have a lasting impact on Nigeria’s economy, promoting growth, stability, and self-sufficiency in the face of global market complexities.

The sale of crude oil to the Dangote Petroleum Refinery and other refineries in naira was first approved by FEC on July 29, with the implementation beginning on October 1.

Recall that last month, Dangote Refinery loaded its first batch of Premium Motor Spirit (PMS) as the Nigerian National Petroleum Company Limited (NNPCL) signals its intention to halt fuel imports if Dangote’s prices remain competitive.

Following this, Dangote Refinery denied claims that it sold premium motor spirit (PMS), commonly known as petrol, to the Nigerian National Petroleum Company Limited (NNPCL) at N898 per litre and urged the public to disregard the claim, noting that the Technical Sub-Committee would announce the official petrol pricing from the refinery on Naira-based crude sales to local refineries.

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