Fuel Price: What Nigerians Expect from Crude Oil Naira Sale to Dangote Refinery – Marketers

Petroleum marketers have said Nigerians expect transparency from the Federal Government on the Naira-for-crude sales deal with Dangote Refinery.

Billy Gillis-Harry, Chairman of the Petroleum Products Retail Outlets Owners Association, PETROAN, made the announcement in an interview with DAILY POST over the weekend.

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 commenced the sale of Naira for crude oil to the Dangote refinery from October 1, 2024.

DAILY POST reports that the Minister of Finance, Wale Edun, in a statement on Saturday, announced that the government, together with stakeholders, has initiated the sale of Naira for crude oil to Dangote Refinery.

But Edun didn’t provide many details about the kickoff of the deal.

While Dangote Refinery has not commented on the development, Gillis-Harry has called for openness in the implementation of the deal.

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

“We expect transparency and more updates on the Naira-for-crude deal so that Nigerians know what is going on. We expect 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 oil in Naira to Dangote Refinery in case the move reduces the price of petrol.

Previously, NNPCL had announced that it had acquired Dangote Petrol at N898 when the product was launched on September 15, 2024.

Dangote Refinery, however, disagreed with NNPCL.