President Tinubu has issued a directive that might salvage fuel scarcity situation currently hitting hard on Nigerians. He has asked the NNPC to give crude to Dangote Refinery.
The country is facing a fuel shortage, leading to long lines at the fuel stations.
Drivers are waiting for hours, and many stations are running out of petrol which is in high demand.
This has made fuel prices to go up, making it more expensive to fill up and to travel.
The price hike is also affecting transportation costs for businesses and increasing prices for goods and services.
Tinubu Gives An order
This situation is causing a lot of stress for both drivers and businesses. NNPC Officials have not yet provided a solution, leaving many hoping for a quick end to the fuel shortage.
Meanwhile, one of the potential saving grace Nigerians look forward to is Dangote Refinery. But in the past few days, there have been controversies as to whether Dangote will get crude from Nigeria.
Now, President Bola Tinubu has directed the Nigerian National Petroleum Company Limited to sell crude to Dangote Refinery and other upcoming refineries in Naira.
The Special Adviser to the President on Information and Publicity, Bayo Onanuga, made this known in a post via his official X handle on Monday, July 29.
Onanuga stated that the move, which was to ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate, was adopted by the Federal Executive Council on Monday.
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Report About Dangote Refinery
There are reports that Dangote Refinery, at the moment, requires 15 cargoes of crude, at a cost of $13.5 billion yearly. NNPC has committed to supply four.
However, the FEC has approved that the 450,000 barrels meant for domestic consumption be offered in Naira to Nigerian refineries, using the Dangote refinery as a pilot.
The statement added that “the exchange rate will be fixed for the duration of this transaction.
“Afreximbank and other settlement banks in Nigeria will facilitate the trade between Dangote and NNPC Limited.
“The game-changing intervention will eliminate the need for international letters of credit, further saving the country of dollar payments”.
