The Nigerian Independent Petroleum Marketers Association (IPMAN), has called for a nationwide drop in petrol prices.
Since the expected cost of bringing petrol to Nigeria has decreased to N900.28 per litre, the group requested the Dangote refinery to think about lowering its ex-depot pricing from N970 per litre.
At a meeting of the Federal Executive Council on July 29, President Bola Tinubu suggested selling crude to nearby refineries in naira.
Tinubu’s plan to sell crude to Dangote and other refineries in local currency was approved by the FEC.
Using the Dangote refinery as a test, the FEC authorised offering Nigerian refineries the 450,000 barrels intended for domestic use in naira.
Additionally, it authorised a six-month trial term up until the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency conducts additional review.
The committee had announced that starting on October 1, NNPC would start supplying the Dangote refinery with roughly 385,000 barrels of crude oil per day, which would be paid for in naira.
This suggests that NNPC will provide the Dangote refinery with roughly 11.5 million barrels of crude oil every month, or more than 23 million barrels in two months.
Even though there was little information available regarding the amount of petroleum sold during that time, individuals who were aware of the local crude sale agreement told our correspondents on Saturday that the deal was still in progress.
According to a source, “the deal is still in effect because there is no information to the contrary.” The committee in charge of the parties involved would have issued a statement stating that the agreement was no longer viable if it had been suspended or terminated. It indicates that the deal is still in effect if there is no statement.”
Since NNPCL spokesperson Femi Soneye did not answer questions, attempts to contact the Dangote Refinery and the Nigerian National Petroleum Company Limited regarding the amount transacted between parties were unsuccessful.
