President Bola Tinubu has approved the sale of crude oil to the Dangote Petroleum Refinery in naira, a move anticipated to lower the prices of domestically refined petroleum products. Oil marketers, refiners, and experts praised this decision, noting that it would enhance the output of domestic refineries, bolster the country’s foreign exchange reserves, and strengthen the naira.
President Tinubu directed the Nigerian National Petroleum Company Limited to sell crude to the Dangote refinery and other upcoming refineries in naira. The Special Adviser to the President on Information and Publicity, Bayo Onanuga, announced the directive via his official X handle, stating that the Federal Executive Council adopted the move to ensure the stability olSf the pump price of refined fuel and the dollar-naira exchange rate.
READ ALSO
Dangote Refinery Looks to Brazil and USA for Crude Oil Amid Supply Shortfall from NNPC
Operators in the downstream oil sector commended the initiative, highlighting its potential to reduce the country’s reliance on foreign exchange for crude oil imports. The National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, and the Publicity Secretary of the Crude Oil Refiners Association of Nigeria, Eche Idoko, emphasized that this policy would bring down the cost of petrol and strengthen the naira against the dollar. They called for an executive order to enforce the directive, ensuring compliance and maximizing its benefits for the Nigerian economy.
