DAILY POST
Oil and gas experts have said that President Bola Ahmed Tinubu’s recent order to the Nigerian National Petroleum Company Limited on sale of crude oil in Naira to Dangote Refinery and other local refineries will not end the 650,000 barrel per day refinery’s challenges in the sector.
DAILY POST reports that in a major decision on Monday at the Federal Executive Council, Tinubu approved NNPCL to sell crude oil to Dangote Refinery and other local refineries in Naira.
The move was aimed at ending the crude crisis being experienced by local refineries.
Recall in the last months, Dangote Refinery has continued to lament the crude oil supply crisis and other challenges experienced in Nigeria’s oil sector.
This is as it approached the US and Brazil for crude import despite Nigeria being Africa’s largest crude producer.
Dangote Refinery had accused International Oil Companies in Nigeria of sabotage over the supply crisis. The company later had a dispute with the Nigerian Midstream and Downstream Petroleum Regulatory Authority over regulatory compliance.
As the crisis raged, the Chairman of Dangote Group, Aliko Dangote, alleged that NNPCL officials own a blending plant in Malta, a southern European island.
However, on Monday, Tinubu ordered NNPCL to sell crude in Naira to Dangote Refinery and other local refineries.
The Special Adviser to the President on Information and Publicity, Bayo Onanuga disclosed this in a statement on his X account.
Onanuga said the move was to ensure the stability of the pump price of refined fuel and the dollar-naira exchange rate.
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