Nigerian National Petroleum Company Limited has been instructed by President Bola Tinubu to sell crude to Dangote Refinery and other prospective refineries in Naira.
Mr Bayo Onanuga who is theSpecial Adviser to the President on Information and Publicity, on Monday 29th July, 2024 stressed this info in a post via his official X handle.
He stated that this decision was made in a bid to stabilise the pump price of refined fuel in tandem to the dollar-Naira exchange rate. The decision was made by the Federal Executive Council today.
Reports have it that Dangote Refinery, currently, requires about 15 cargoes of crude, costing $13.5 billion yearly. NNPC has made a commitment to supply four cargoes.
Meanwhile, FEC has resulted in offering the 450,000 barrels meant for domestic consumption to be sold in Naira to indigenous refineries, using the Dangote refinery as a pilot.
“The exchange rate will be fixed for the duration of this transaction,” Onanuga added.