Federal Government Assures Nigerians Of Stable Fuel Supply

Despite recent concerns in the downstream oil sector, the federal government has reassured Nigerians that there will be no disruption in the supply of refined petroleum products across the country.

The committee also reaffirmed that the crude oil-for-Naira initiative will continue without disruption and that outstanding issues were being handled urgently and in good faith.

This assurance followed a meeting of the Steering Committee on the Domestic Crude Oil and Refined Products Sales in Local Currency Initiative, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja on Saturday.

Following the committee’s decision, Dangote Petroleum Refinery and Petrochemicals announced on Saturday the immediate resumption of petrol (Premium Motor Spirit) sales in Naira, citing the intervention of the Naira for Crude Technical Committee chairman.

In a message to its customers, the refinery said that customers can now place orders and make payments in Naira for self-collection and free petrol delivery at previously specified locations nationwide.

Recall that the refinery had suspended petrol sales in Naira, amid ongoing challenges related to foreign exchange and crude oil pricing mechanisms.

The technical committee’s intervention, formed to facilitate the use of the Nigerian currency in crude purchase and downstream petroleum product transactions, has helped bridge gaps between the refinery and its customers.

The committee reviewed developments around the reported suspension of the Naira-for-crude arrangement by the Dangote Refinery and concerns raised by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN). It noted that the Dangote issue had already been amicably resolved.

In attendance were the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu; the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, who also heads the Technical Committee; representatives of the Nigerian Midstream and Downstream Petroleum Regulatory Authority; the Nigerian National Petroleum Company (NNPC) Limited; the Central Bank of Nigeria (CBN); Afreximbank; and the Dangote Refinery.

At the end of deliberations, the committee reaffirmed that the crude oil-for-Naira initiative will continue without disruption and that outstanding issues, particularly the dispute between PENGASSAN and Dangote Refinery, are being handled urgently and in good faith.

The federal government said it remains firmly committed to safeguarding energy security, protecting consumers, and maintaining the stability of the domestic petroleum products market.