DAILY POST
As Nigeria marks its 64th Independence Day celebration, oil marketers, and refiners have expressed optimism that with the kickoff of the Naira-for-crude sale deal between the Federal Government and the Dangote Refinery on Tuesday, the price of Premium Motor Spirit (Petrol) will reduce in the coming weeks and months.
The President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi and spokesperson for the Crude Oil Refiners Association of Nigeria, Eche Idoko disclosed these in separate interviews with DAILY POST on Monday.
DAILY POST reports that 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 that all is set for the Tuesday, October 1, 2024, kick-off of the crude oil sale in Naira deal to Dangote Refinery through the Nigerian National Petroleum Company Limited.
The confirmation of the deal’s commencement comes after President Bola Ahmed Tinubu gave the approval in July 2024.
The price of petrol has a significant effect on the cost of transportation in Nigeria.
It is then believed that lower prices of petrol following the implementation of the Naira-for-crude deal will directly impact the cost of transportation and then also affect the prices of goods and services across the country.PUNCH
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