The Nigerian government has confirmed that from October 2024, the Nigerian National Petroleum Company Limited (NNPCL) will begin supplying crude oil to the Dangote Refinery in Naira to help reduce the cost of Premium Motor Spirit (petrol). This initiative was confirmed by Dare Adekanmbi, spokesperson for Zacch Adedeji, the Chairman of the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency.
The Federal Executive Council approved the sale of crude to local refineries in Naira, with the Dangote Refinery set to receive about 385,000 barrels per day starting October 1. The refinery will supply equivalent volumes of refined diesel and petrol to the domestic market in Naira.
Eche Idoko, Publicity Secretary of the Crude Oil Refinery-owners Association of Nigeria, called for the Naira-for-crude deal to be extended to other modular refineries, not just Dangote Refinery. Fuel prices across Nigeria currently range between ₦950 and ₦1,100 per litre. The Adedeji-led committee will announce the official price of Dangote Refinery's petrol soon.