The Federal Government has moved swiftly to prevent a potential disruption in fuel supply, following tensions surrounding the naira-for-crude oil initiative and a labour dispute at the Dangote Refinery.
In a statement issued Sunday by the Ministry of Finance, the government assured Nigerians that there would be no scarcity of refined petroleum products, emphasizing that “energy security and stability in the downstream oil sector remain a top priority.”
The announcement came after a high-level meeting of the Steering Committee of the Domestic Crude Oil and Refined Products Sales in Local Currency Initiative. The committee is chaired by Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
Addressing recent concerns, Edun stated that reports of the suspension of the naira-for-crude oil deal by Dangote Refinery had been “amicably resolved.” The government reaffirmed its commitment to the program.
“For the avoidance of doubt, the committee reassured that the crude oil for the naira initiative will continue. It also assured that all outstanding issues, particularly the dispute between the Petroleum and Natural Gas Senior Staff Association of Nigeria and Dangote Refinery, are being addressed with urgency and in good faith,” the statement read.
Also present at the meeting were the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu; Chairman of the Federal Inland Revenue Service, Mr. Zacch Adedeji, who also heads the Technical Committee; representatives from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NNPC Limited, the Central Bank of Nigeria, Afreximbank, and the Dangote Refinery.
The government underscored its commitment to maintaining price stability and supply continuity.
“The Federal Government remains fully committed to ensuring energy security, protecting consumers, and maintaining stability in the domestic petroleum products market,” the statement added.
Amid fears of a looming crisis, the Dangote Refinery on Saturday confirmed the resumption of petrol sales in naira, following intervention by the Federal Government’s technical committee.
“Following the intervention of the Naira for Crude Technical Committee Chairman, we are pleased to inform you of the resumption of PMS sales in Naira commencing immediately,” the refinery said in a memo to marketers. “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. Thank you for your continued patronage.”
