Fuel Price: What Nigerians Expect From Naira-For-Crude Sale To Dangote Refinery – Marketers

Petroleum marketers have stated that Nigerians are seeking transparency from the Federal Government regarding the Naira-for-crude sales agreement with Dangote Refinery.

Billy Gillis-Harry, the President of the Petroleum Products Retail Outlets Owners Association, PETROAN, disclosed this, weekend, in an interview with Daily Post.

According to him, Nigerians expect that the deal will eventually lead to a reduction in the pump price of Premium Motor Spirit in the country.

His comments come as the Nigerian government said it has begun the Naira-for-crude sale to Dangote Refinery from October 1, 2024.

Recall that the Minister of Finance, Wale Edun in a statement on Saturday announced that in conjunction with stakeholders, the government had kicked off the Naira-for-crude sale to Dangote Refinery.

But, Edun did not give much details on the deal kick-off.

Although Dangote Refinery has not commented on the development, Gillis-Harry has called for openness in the deal’s implementation.

According to him, Nigerians expect to see the impact of the Naira-for-crude deal on the pump price of petrol which stood between N950 and N1,300 per litre nationwide.

“We expect transparency and more updates on the Naira-for-crude deal to allow Nigerians to know what is going on. We are expecting Dangote Refinery to come to the rescue”, he said.

Recall that in July 2024, President Bola Ahmed Tinubu directed the Nigerian National Petroleum Company Limited to sell crude in Naira to Dangote Refinery in the instance that the move would reduce the price of petrol.

Earlier, NNPCL had announced that it bought Dangote Petrol at N898 upon lifting the product on September 15, 2024.

However, Dangote Refinery disagreed with NNPCL.