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1 week ago
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- There is anticipation for caller substance prices arsenic the national authorities has directed the afloat implementation of the naira-for-crude agreement
- The caller bid volition mean that Dangote and different refineries volition person to trim prices since crude proviso is present successful naira
- In March, Dangote Refinery said it had temporarily halted the merchantability of petroleum products successful naira, starring to a substance pump terms increase
Legit.ng writer Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.
Nigerians whitethorn soon acquisition alleviation astatine the substance pump arsenic the national authorities has directed the afloat implementation of the naira-for-crude lipid agreement.
This determination is expected to assistance trim the terms of petrol from the existent terms of N930 per litre.
Source: Getty Images
FG gives bid to NNPC, NMPDRA
On Wednesday, April 9, the Federal Executive Council (FEC) officially directed the implicit exertion of the collapsed naira-for-crude statement with section refineries.
The Ministry of Finance revealed this connected its X handle arsenic it provided an update connected the crude and refined merchandise sales.
The committee added that the naira-for-crude statement is not a time-bound intervention, but an indispensable argumentation directive to enactment sustainable section refining and boost energy security.
According to the statement, the method sub-committee connected the crude and refined merchandise income successful the naira strategy met to code ongoing implementation issues.
Oil marketers expect substance terms changes
Oil marketers person reacted to the directive and judge it could unit refiners, Dangote Refinery, to revise pump prices downward wrong days, Punch reports.
Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN) said:
“We judge that from present till the extremity of the week, Dangote refinery volition travel up with a caller price.“They can’t kick of aged banal due to the fact that that’s not champion signifier internationally.”
Source: Getty Images
Ukadike added that the government's renewed committedness reflects a willingness to heed manufacture concerns and enactment Nigerians grappling with rising vigor costs.
Reacting also, IPMAN Vice President Hammed Fashola added:
"“It is simply a bully development. Since the naira woody was halted, the naira weakened and substance prices spiked. With its return, we expect a terms drop.”PETROAN President Billy Gillis-Harry besides called for inclusive participation, arguing that extending the argumentation to each home refineries would guarantee broader entree to affordable fuels.
He added:
“As acold arsenic we’re concerned, naira-for-crude is simply a captious constituent of Nigeria’s economical recovery. We’re blessed with this determination and anticipation each refinery benefits.”Also, the Crude Oil Refinery Owners Association of Nigeria (CORAN) welcomes the continuation of naira, crude deal.
Dangote suspends merchantability of petrol successful naira
Ealier, Legit.ng reported that the archetypal signifier of the naira-for-crude woody betwixt the Nigerian government, the Nigerian National Petroleum Company Limited (NNPC), and the Dangote Refinery elapsed connected March 31, 2025.
The woody has yet to beryllium renewed, starring to the Dangote Refinery suspending the merchantability of refined petroleum products successful the section currency.
However, it is present expected that Dangote volition resume income successful naira.
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Source: Legit.ng
