As Nigerians celebrate its 64th Independence Day, oil marketers and refiners are optimistic that the Naira-for-crude sale agreement between the Federal Government and the Dangote Refinery, which began on Tuesday, will reduce the price of Premium Motor Spirit (Petrol) in the coming weeks and months.
Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria, and Eche Idoko, spokeswoman for the Crude Oil Refiners Association of Nigeria, confirmed this in separate interviews with journalists on Monday.
The Chairman of the Federal Inland Revenue Service and the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency, Zacch Adedeji, have confirmed that the crude oil sale in Naira deal to Dangote Refinery through the Nigerian National Petroleum Company Limited will begin on Tuesday, October 1, 2024.
The confirmation of the deal’s initiation comes after President Bola Ahmed Tinubu granted his consent in July 2024.
The price of fuel has a substantial impact on the cost of transportation in Nigeria.
Lower petrol prices, after the execution of the Naira-for-crude deal, are expected to have a direct influence on transportation costs, as well as the pricing of products and services across the country.
Also Read:
Next stage of war with Hezbollah will start soon – Israeli Defense Minister
Nigeria at 64: ‘Be patient, hopeful’ — Akpabio tells Nigerians
‘APC a gang of Zombies, not political party’ – PDP chieftain, Sowunmi claims
cc: Daily Post Ng
