Fuel price: What Nigerians expect from Naira-for-crude sale to Dangote Refinery – Marketers

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According to petroleum marketers, Nigerians anticipate openness from the Federal Government over the Naira-for-crude sales agreement with Dangote Refinery.

In an interview with ZINGTIE over the weekend, Billy Gillis-Harry, the president of PETROAN (Petroleum Products Retail Outlets Owners Association), revealed this.

He claims that Nigerians anticipate that the agreement will ultimately result in a drop in the price of Premium Motor Spirit at the pump in the nation.

His remarks coincide with the announcement by the Nigerian government that the Naira-for-crude sale to Dangote Refinery will commence on October 1, 2024.

According to the ZINGTIE, the government began selling Naira for oil to Dangote Refinery on Saturday after consulting with relevant parties, as stated in a statement released by Finance Minister Wale Edun.

However, Edun provided little information on the start of the arrangement.

Gillis-Harry has demanded transparency in the deal’s execution, notwithstanding Dangote Refinery’s silence on the matter.

He claims that Nigerians anticipate seeing the effects of the Naira-for-crude agreement on the country’s petrol pump price, which was between N950 and N1,300 per litre.

“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 how President Bola Ahmed Tinubu ordered the Nigerian National Petroleum Company Limited to sell oil to Dangote Refinery in Naira in July 2024, believing that this action would lower the cost of petrol?

Prior to this, NNPCL had said that on September 15, 2024, it lifted the product and purchased Dangote Petrol for N898.

Dangote Refinery, however, was at odds with NNPCL.

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