A meeting between a presidential delegation and officials of the Dangote refinery, NNPC and other parties has agreed to extend the policy of selling Nigerian crude to local refineries in naira.
This was disclosed by the Ministry of Finance in a post on its X handle.
The Tuesday meeting also resolved that the policy, which also includes the sale of the products obtained from such crude in naira, will not have a terminal date.
“The Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market,” the finance ministry stated.
PREMIUM TIMES reported that the Dangote refinery, currently the largest supplier of petrol to the Nigerian market, had threatened to start selling its refined products in dollars because it was finding it difficult to obtain crude from the NNPC in naira. This would have resulted in an increase in the pump price of petrol to Nigerians.
Dangote refinery’s officials attended Tuesday’s meeting, the finance ministry stated.
“The meeting was attended by the Chairman of the Implementation Committee, Hon. Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the Chairman of the Technical Sub-Committee and Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji; the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives of Dangote Petroleum Refinery and Petrochemicals; and senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), representative of Afreximbank, as well as the Secretary of the Committee, Hauwa Ibrahim,” the ministry wrote.
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