“DANGOTE REFINERY REVIVES NAIRA SALES: PETROL PRICES EXPECTED TO DROP”
GREATRIBUNETVNEWS–Dangote Petroleum Refinery has resumed selling petrol in Naira, following the intervention of the Naira-for-Crude Transaction Committee Chairman. This decision comes barely 24 hours after the refinery suspended Naira-denominated petrol sales, citing depletion of its crude-for-Naira allocation.
Key Highlights:
– Resumption of Naira Sales: Petrol sales in Naira have resumed immediately, with customers able to place orders for self-collection and free delivery.
– Government Intervention: The federal government’s intervention led to the reversal of the suspension, expected to calm concerns among marketers and consumers.
– Price Implications: Depot prices of petrol are expected to drop by over 4.19% to N835 per litre from N870 per litre, providing relief to customers and stakeholders.
– Background: The crude-for-Naira scheme was introduced to strengthen local refinery supply, cut petroleum imports, and reduce pump prices .
Impact on Stakeholders:
– Customers: The resumption of Naira sales is expected to provide short-term relief to motorists and businesses grappling with inflation and high living costs.
– Marketers: The decision is likely to calm concerns among marketers who had feared renewed pressure on pump prices and the foreign exchange market.
– Industry Experts: Experts caution that the sustainability of Naira sales will depend on consistent crude supply and policy clarity from the federal government .
In a statement, the refinery confirmed:
“Following the intervention of the Naira for Crude Transaction Committee Chairman, we are pleased to inform you of the resumption of PMS Sales in Naira commencing Immediately
“You may kindly proceed to place your orders in Naira for both self collection and free delivery of PMS to the earlier advised locations across the country,” it said.
The company explained that the temporary suspension of Naira-denominated petrol sales, announced on Friday and initially scheduled to take effect from Sunday, 28 September, has been lifted.
Dangote Refinery urged customers to disregard the earlier suspension notice, assuring that sales would continue without interruption to guarantee affordable petrol supply for Nigerians.
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