The Ministry of Finance today confirmed that the Federal Executive Council (FEC) has officially directed the full implementation of the suspended Naira-for-Crude agreement with local refiners, including Dangote Refineries.
As the direct fallout of the suspension of sales of petroleum products in naira by the Dangote refinery, MRS filling stations effected a new price regime, raising its pump price to N930 per litre in Lagos and N960 for residents living in the northern part of the country.
In Lagos, NNPC fixed the price at N925, some N5 lower than the Dangote pump price.
The first phase of the six-month deal involving the Federal Government, Nigerian National Petroleum Company Limited, and Dangote Petroleum Refinery ended March 31, 2025.
SEE NNPC’S EXPLANATION FOR HALTING THE SCHEME:
NNPC: Why Naira For Crude Ends For Dangote, Other Local Refiners
Following the halting in the scheme, Dangote refinery stopped selling refined petroleum products and the price of fuel rose significantly.
BREAKING: Dangote Reverts To Selling Fuel Locally In Dollars
However, the Ministry of Finance disclosed on Wednesday on its official X handle in a tweet, titled: “Update on the Crude and Refined Product Sales in Naira Initiative,” that the scheme had resumed.
The statement read, “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.
“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”
