Naira-for-crude deal begins Tuesday as Nigerians await reduced fuel prices

DAILY POST

The Nigerian government has confirmed that it will begin the supply of crude in Naira by the Nigerian National Petroleum Company Limited to the Dangote Refinery from Tuesday, October 2024 to reduce the cost of Premium Motor Spirit(Petrol).

Dare Adekanmbi, the spokesperson to the Chairman of the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency, Zacch Adedeji and the Chairman of the Federal Inland Revenue Service confirmed this in a statement on Sunday.

He said, “I can confirm to you that the Chairman, Sub-Technical Committee, Zacch Adedeji, is working day and night to ensure that things go according to plans. He knows how important it is to have the agreement implemented as has been planned for the benefit of Nigerians.”

This comes as the committee, on September 13, 2024, announced that the Federal Executive Council under the leadership of President Bola Tinubu approved the sale of crude to local refineries in naira and the corresponding purchase of petroleum products in naira to begin from October 1, 2024.

The Committee said, “From October 1, NNPC will commence the supply of about 385kbpd (385,000 barrels per day) of crude oil to the Dangote refinery to be paid in naira,” the committee declared.

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