Nigeria’s oil marketers have stated that selling crude oil to Dangote Refinery and other local refineries in Naira would lead to a decrease in petrol prices.
Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, mentioned this in a recent interview.
His comments follow President Bola Ahmed Tinubu’s directive to the Nigerian National Petroleum Company Limited to sell crude oil in Naira to Dangote Refinery and other local refineries.
In line with this directive, the Minister of Finance, Wale Edun, met on Monday with key stakeholders, including Zacch Adedeji, the Chairman of the Federal Inland Revenue Service, to discuss its implementation.
Gillis-Harry emphasized that selling crude to domestic refineries in Naira would eliminate all logistics costs and charges associated with importing crude.
He added, “I expect that selling crude in Naira to local refineries will significantly affect the price of refined products, as logistics and importation charges will be removed. We should see the price of refined products decrease.”
Previously, Adedeji stated that Nigeria’s decision to sell crude in Naira could save the country approximately $7.3 billion annually.
This development comes amid challenges with crude oil supply to Dangote Refinery and other local refineries.
