Nigeria’s Minister of Finance, Wale Edun, says the government has commenced the Naira-for-crude sale deal with Dangote Refinery from October 1, 2024.
As a measure of ensuring the lower price of fuel in the country, President Bola Ahmed Tinubu in July 2024 directed NNPCL to sell crude in Naira to Dangote Refinery.
Fuel pump price now stands at between N950 and N1,300 per litre in different parts of the country.
The measure also holds the prospect of lowering diesel and aviation fuel prices, according to players in the industry.
Confirming the takeoff of the policy, Edun wrote in a statement released on the official X account of the Ministry of Finance on Saturday that it was in line with the Federal Executive Council, FEC directive, to tame the price of fuel in the country.
Edun said that stakeholders held a meeting on October 3rd, 2024 to review the implementation of the deal.
“The Hon. Minister of Finance and Coordinating Minister of the Economy announced that, in line with the Federal Executive Council (FEC) directive, the sale of crude oil and refined petroleum products in Naira has officially commenced as of October 1st, 2024.
“Following a meeting of the Implementation Committee, chaired by the Hon. Minister of Finance and Coordinating Minister of the Economy on October 3rd, 2024, to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders.
“The meeting included the Hon. Minister of State, Petroleum (Oil), the Special Adviser to the President on Revenue, the Special Adviser to the President on Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the representative of the Chairman of Dangote Group, the Vice President of Dangote Group, and the management of the Nigerian National Petroleum Company (NNPC), led by the Group Chief Executive Officer (GCEO), Chief Financial Officer (CFO), and Executive Vice President (Downstream).”
