₦airaland Forum

There are indications that the Federal Government’s Naira-for-crude panel will be reconvening a meeting on Monday to consider continuation of the crude sales deal with Dangote Refinery amid petroleum products price uncertainty.

Reliable sources in the Ministries of Petroleum Resources and Finance, who preferred anonymity, made this known on Thursday.

This comes after Dangote Refinery on Wednesday announced the suspension of its petroleum products sales in Naira.

Dangote Refinery’s decision to suspend petrol product sales in Naira indicated that there is a stalemate in discussion between the Nigerian National Petroleum Company Limited and the Dangote Refinery over the continuation of the Naira-for-crude sale contract.

However, official sources familiar with the matter told DAILY POST that the scheme may continue.

It was confirmed that NNPCL faced a crude availability crisis following the fact that the state-owned firm had pre-sold large volumes to foreign creditors under its crude-backed loans.

“The scheme won’t end. The challenging point is the issue of crude availability, with NNPC claiming it has pre-sold large volumes of crude.

“The committee agreed to reconvene on Monday (next week) to review options that the Nigeria Upstream Petroleum Regulatory Commission has been mandated to come up with. The committee is trying to dimension solution options,” the official stated.

Recall that the committee last week met at the Ministry of Finance Headquarters in Abuja to assess developments and reaffirm commitments to the naira-for-crude policy framework.


The meeting had in attendance the Minister of Finance and Coordinating Minister of the Economy, Wale Edun (who joined virtually); the Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji; the Chief Financial Officer of the Nigerian National Petroleum Company; the Executive Commissioner of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (who also joined virtually); and other stakeholders.

Reacting to the development, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, said its members will not hesitate to seek alternative sources of petroleum products.

“The market is making preparations for any surprises. So, if there are surprises, we’ll have alternatives to go to,” he said.


On his part, the president of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, appealed for government intervention in the continuation of the Naira-for-crude policy in order to maintain the tempo of the petrol price template.

“I would like to advise the FG to look into the agreement with Dangote again to maintain the tempo of the prices of petroleum products,” he said

olatade:
https://dailypost.ng/2025/03/21/fuel-price-nigerian-govt-schedules-meeting-over-naira-for-crude-deal-with-dangote-refinery/

Deltafirstson:
Although the pump price of fuel was N197 when President Bola Tinubu took over on May 29, 2023, the product now sells for N617 per litre – less than two months after.

In his inaugural address, Tinubu announced that subsidy was gone, fulfilling a promise that all leading presidential candidates made during the campaign.

However, pump price of fuel hit N537 per litre days after Tinubu ended subsidy.

On Tuesday, the price climbed further to N617, a development that the Nigerian National Petroleum Corporation Limited (NNPCL) attributed to “market forces”.

Nigerians have been lamenting the hardship occasioned by fuel price hike. Amid the lamentation, a video where Tinubu campaigned to slash the price of fuel went into circulation.

Checks by Daily Trust affirmed the authenticity of the video uploaded on the YouTube page of Channels Television.

At his campaign rally in Abeokuta, Ogun State capital, on January 25, 2023, Tinubu spoke on a number of issues, but those of fuel scarcity and naira redesign made the headlines.

However, Tinubu who spoke in Yoruba language, also assured the crowd that though people were saying petrol price would hit N200, it would be reviewed downward under him.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200 per litre. Go and relax, we will bring it down,” he had said in the 7th minute of the video.

King Wasiu Ayinde Marshall, a Fuji musician who performed at the rally, interrupted the president’s speech with chants as the crowd cheered.

On the campaign podium with the president were Vice-President Kashim Shettima; Pa Bisi Akande, interim National Chairman of the APC; Femi Gbajabiamila, Chief of Staff to the President; Senator Gbenga Daniel; among other bigwigs of the ruling party.

Tinubu went further to say Nigerians would defy the acute fuel scarcity at the time and trek to cast their votes.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200/N500 per litre. Go and relax, we will crash the prices,” he had said.

https://dailytrust.com/breaking-video-of-tinubu-campaigning-to-crash-fuel-

he had said in the 7th minute of the video.

https://www.youtube.com/watch?v=4JH8CC_JdUA

Judolisco:
Dangote Don hold everybody for blokos

prinsam30:
The price should just come down once and for all

olatade:
https://dailypost.ng/2025/03/21/fuel-price-nigerian-govt-schedules-meeting-over-naira-for-crude-deal-with-dangote-refinery/

Gboss247:
Has your minimum wage come down once and for all?

FreeSpirited:
The problem here is Federal govt's inability to fulfill its responsibility of delivery enough crude to dangote for refining. Instead they used our crude oil to borrow useless loans, while also stealing the paltry remnant and selling it abroad to foreign refineries and their own personal refineries abroad..
Tinubu has used our crude to borrow countless loans that has no economic or productive impact
..
Tinubu is a useless president. We know Tinubu has various refinery abroad especially the Malta refineries... Tell us if Tinubu is not stealing our crude for refining in his own refineries abroad... Apart from the crude loan deals...
.
This is same person some FOOOOLS believe will change Nigeria oil sector

FreeSpirited:
The problem here is Federal govt's inability to fulfill its responsibility of delivery enough crude to dangote for refining...

Eriokanmi:
When you hear something from the camp of the spc and they quickly backtrack, you should know it's the truth. Awon enemies of Nigeria

jay89:
Buhari done sell all our future oil ooooo

Salewa97:
Dangote go run this country well if we elect am as president.