Petrol marketers assure Nigerians of one thing amid outcome of naira-to-crude negotiations

• Following the suspension of naira merchantability of petroleum products, determination person been reports of panic buying
• Petrol marketers person assured Nigerians of a changeless proviso of petrol products, and discouraged panic buying
• The PETROAN nationalist president has besides expressed the group's basal connected the continuation of the naira-for-crude deal

Legit.ng writer Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful concern reporting crossed integer and mainstream media.

Petrol retail marketers successful Nigeria person urged Nigerians not to prosecute successful panic buying, owed to the uncertainties surrounding the naira-for-crude renegotiation.

Speaking nether the umbrella of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), they noted that the fears of substance scarcity are unfounded fixed that determination are different functional refineries successful the country.

The radical noted that the suspension of the naira-for-crude woody volition not construe into scarcity of the merchandise since determination are besides importers bringing successful petroleum products to the country, and encouraged Nigerians to spell astir their regular business.

There person been fears that substance prices would increase, and this has triggered panic buying successful immoderate quarters. Photo credit: Contributor/Nurphoto
Source: Getty Images

Dangote Refinery Halts Naira-sale of petroleum products

The Dangote Petrochemical Refinery suspended income of petroleum products successful naira, aft its renegotiations with the NNPCL appeared to person stalled for a while.

The institution said successful its authoritative announcement that the determination was to alteration it to conscionable its dollar obligations.

It besides announced that it would resume sales successful naira when it starts getting crude supplies from the NNPC successful naira again.

There are reports that this determination whitethorn person triggered panic buying successful immoderate parts of Nigeria, owed to fears that substance prices would increase.

However, PETROAN has assured that the petrol demands of Nigerians would ever beryllium met, arsenic the national authorities and the regulatory agencies are retired to guarantee that.

Petrol marketers advocator section accumulation and importation

PETROAN National Public Relations officer, Mr. Joseph Obele, besides stated that the radical powerfully believes the authorities should beforehand section accumulation of petroleum products to stimulate economical maturation done occupation instauration and energy security.

He added that importation should beryllium allowed to proceed to guarantee a dependable and capable proviso of the merchandise successful the Nigerian market, and contention to support the marketplace balanced, Leadership reports.

Marketers talk connected naira-for-crude deal

PETROAN PRO noted that with the extremity of the six-month aviator signifier of the naira-for-crude deal, renegotiations are ongoing.

Obele urged the Ministry of Petroleum Resources and the NNPCL to travel up with a solution that volition support the champion interests of Nigerians and align with Nigeria’s economical goals.

Since stopping the naira-for-crude deal, Dangote Refinery has gone up to export pitchy substance to the US. Photo credit: Dangote group
Source: Getty Images

Recall that the PETROAN nationalist president, Dr. Billy Gillis-Harry, has earlier urged the authorities to proceed the naira-for-crude deal.

He noted that the load is connected the authorities to guarantee that each transactions wrong Nigeria are conducted with the naira to trim unit connected the Foreign speech market, support the section currency and the economy.

Naira-for-crude woody to extend

In related news, the committee overseeing the naira-for-crude deal reportedly convened successful Abuja connected Monday, March 24, 2025, to proceed negotiations.

The committee assessed the challenges faced by the NNPC successful supplying crude lipid to home refineries.

Sources bespeak that NNPC is facing difficulties with crude oil, arsenic it has committed its banal to a guardant merchantability statement with planetary creditors, hence this tendency to halt selling crude successful naira.

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Source: Legit.ng