By Pathfinder Reporter
Wednesday, April 9, 2025
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As the Federal Executive Council has ordered the full implementation of the suspended Naira-for-Crude agreement with local refiners, there is a possibility of the pump price of PMS, otherwise known as petrol, coming down soon.
The pump price of petrol spiraled immediately when Dangote Refinery Company announced that it had begun to purchase crude oil from the Nigeria National Petroleum Company Limited (NNPCL) in dollars following the stoppage of the naira-for-crude agreement by the NNPCL.
At its meeting today in Abuja, the Federal Executive Council officially directed the full implementation of the suspended Naira-for-Crude agreement with local refiners.
The Ministry of Finance disclosed this on its official X handle titled “Update on the Crude and Refined Product Sales in Naira Initiative,” on Wednesday.
Recall that the first phase of the six-month deal involving the Federal Government, Nigerian National Petroleum Company Limited, and Dangote Petroleum Refinery ended March 31, 2025.
It has not been renewed and the Dangote refinery has since stopped selling refined petroleum products in Naira due to the non-renewal of the Naira-for-crude deal.
In a new update on Wednesday, the committee said the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.
This came after a key meeting on Tuesday to review progress and tackle ongoing issues.
It added that the initiative is not a temporary or time-bound intervention but a key policy directive designed to support sustainable local refining and bolster energy security.
The statement read, “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.
“Thus, 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.”
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