Federal Government Reassures Nigerians of Stable Fuel Supply, Naira-for-Crude Deal Continues
The Federal Government has assured Nigerians that there will be no disruption in the supply of petrol and other refined petroleum products across the country. This pledge comes amid rising public concerns about fuel scarcity and price volatility in the downstream oil sector. Officials say the government is determined to safeguard energy security, protect consumers, and stabilise the domestic market for petroleum products.
This assurance followed a high-level meeting of the Steering Committee on the Domestic Crude Oil and Refined Products Sales in Local Currency Initiative, held in Abuja on Saturday. The session, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reviewed developments in the oil sector and reaffirmed that the crude oil-for-Naira initiative would continue without interruption. According to the committee, outstanding issues are being addressed urgently and in good faith.
In a related development, Dangote Petroleum Refinery and Petrochemicals announced the immediate resumption of petrol (Premium Motor Spirit) sales in Naira. The decision followed the intervention of the Naira-for-Crude Technical Committee, chaired by the Federal Inland Revenue Service (FIRS) boss Zacch Adedeji. Customers can now place orders and make payments in Naira for self-collection or free delivery to specified locations nationwide — a move expected to ease pressure on foreign exchange and improve fuel availability.
The refinery had earlier suspended sales of petrol in Naira, citing challenges with foreign exchange and crude pricing mechanisms. The technical committee, set up to facilitate the use of local currency in crude purchases and downstream transactions, stepped in to mediate between the refinery and its customers. The committee also addressed concerns raised by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) about the arrangement, noting that the dispute with Dangote Refinery had been amicably resolved.
Saturday’s meeting drew key stakeholders including the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu; representatives of the Nigerian National Petroleum Company (NNPC) Limited; the Nigerian Midstream and Downstream Petroleum Regulatory Authority; the Central Bank of Nigeria (CBN); Afreximbank; and the Dangote Refinery. Their collective reaffirmation of the Naira-for-Crude policy signals broad support for the initiative and the government’s commitment to maintaining a steady fuel supply for households, businesses, and transport operators nationwide.
source: leadership