Fuel marketers in Nigeria have hailed the new directive by President Bola Tinubu to the Nigerian National Petroleum Company Limited (NNPC) to sell crude oil to Dangote Refinery and other refineries in naira instead of dollars.
The marketers are optimistic that the decision would lower fuel prices nationwide, benefiting consumers and the economy.
TimesNow.com.ng reported that the Federal Executive Council (FEC) adopted the crude sale in naira decision starting with Dangote Refinery.
Dangote earlier accused oil companies of selling crude at $2 to $4 per barrel, above the official price of the Nigerian Upstream Petroleum Regulatory Commission.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) described the decision as a big win for the country and said it would help to crash the petrol price.
NNPCâs filling stations sell petrol for around N620 to N650, while others sell above N700.
There have been conversations that the Dangote Refinery and other local refineries could help reduce petrol pump prices to N300 per litre.
Punch reports that Ukadike Chinedu, the national public relations officer of IPMAN, noted that President Tinubuâs crude sale in naira order would mitigate the frequent petrol scarcity and price hikes.
He said:
Also, modular refinery operators are optimistic about crude sales in naira and positive impacts on the downstream oil sector.
The operators believe that the directive will lower the cost of petrol and strengthen the naira against the dollar.
Eche Idoko, publicity secretary of the Crude Oil Refiners Association of Nigeria, said:
TimesNow.com.ng earlier reported that the Nigerian government, via NMDPRA, said it expects fresh reports to confirm the sulphur content of the diesel produced by the Dangote Refinery, as the firm denied claims of inferior products.
The authorityâs spokesman, George Ene-Ita, disclosed that the NMDPRA had done its job and would not engage in a media war with anyone over its chief executive, Farouk Ahmed, âs claims that the sulphur content on Dangote diesel was high.
He disclosed that the agency has about 15 engineers and scientists attached to the Dangote refinery.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
