The Nigerian government on Saturday announced the official launch of the sale of crude oil and refined petroleum products in Naira.
The sale in naira will come into effect from October 1, the Federal Ministry of Finance said in a statement posted on Xhandle on Saturday.
“The Minister of Finance and the Coordinating Minister of Economic Affairs has announced that in accordance with the directives of the Federal Executive Committee (FEC), the sale of crude oil and refined petroleum products in naira has officially commenced with effect from October 1, 2024,” the statement said. said.
The meeting noted that a post-launch review of the Crude Oil and Refined Products Sales Initiative in Naira will be conducted after the meeting of the Executive Committee chaired by the Minister of Finance and Coordinating Economic Affairs Wale Edun on October 3. The launch of this strategic initiative was confirmed by key stakeholders.
According to the statement, the meeting was attended by the Minister of State for Petroleum (Petroleum), the Special Adviser to the President on Revenue, the Special Adviser to the President on Energy and the Director-General of the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Others include the Representative of the Chairman of Dangote Group, the Vice President of Dangote Group, and the Nigerian National Oil Corporation (GCEO), headed by the Group Chief Executive Officer (GCEO), Chief Financial Officer (CFO); NNPC) management team. Vice President (in charge of downstream).
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Recently, Dangote Group and Nigeria’s oil regulator were embroiled in a dispute over control of the downstream oil market.
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In June, Dangote Group accused several international oil companies of undermining the plant’s operations by withholding crude oil and supplying it at a premium to market prices.
There were also clashes with Nigeria’s energy regulators, including the Nigeria Midstream and Downstream Regulatory Authority, which claimed that diesel from the refinery contained levels of sulfur that exceeded permissible limits. The regulator also accused Dangote of trying to establish a monopoly.
Accordingly, Mr Dangote invited members of parliament who visited the refinery to the on-site laboratory where diesel from the refinery was tested against two imported samples. The results showed that the sulfur content of the refinery diesel was significantly lower than the import substitute.
In July, the Federal Executive Council (FEC) ordered the Nigerian National Petroleum Corporation (NNPC Ltd) to work with the Dangote refinery and other local refineries to resolve disputes over the sale of crude oil to these facilities. instructed.
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Presided over by President Bola Tinubu, the FEC also directed that sales of crude oil to refineries be made in naira and that Nigerian refineries should also sell their refined products to the domestic market in naira.
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