Sale of crude oil to local refiners in naira has commenced, the federal government has confirmed.
Minister of Finance and Coordinating Minister for the Economy, Wale Edun, disclosed this in a statement, raising expectations of cheaper fuel prices from Dangote Refinery.
Recall that President Bola Tinubu had directed the sale of crude oil to Dangote in naira as part of move to bring down the cost of premium motor spirit (PMS) otherwise known as petrol.
Dangote had earlier rolled out petrol product from its 650,000-barrel refinery in Ibeju-Lekki Lagos but many Nigerians were disappointed that this did not bring down the price of PMS.
The Nigerian National Petroleum Company Limited (NNPCL) had fixed a litre of Dangote PMS at N950 in Lagos claiming it purchased the product at N898 per litre from Dangote.
Dangote had also dismissed the statement and said the price would further reduce after the commencement of crude sales in naira from the NNPCL.
The Minister of Finance in a statement confirmed that “Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira.”
The statement said the in line with the directive of the Federal Executive Council (FEC), the sale of crude oil and refined petroleum products in Naira officially commenced as of October 1,2024.
The statement said, “Following a meeting of the Implementation Committee, Chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy 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 strategic initiative and bold step taken by the President Bola Tinubu-led Administration is expected to have a lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency, especially as the country continues to navigate the complexities of global markets, this strategic move positions Nigeria for success in the years to come.”