There have been several speculations that the Naira for crude negotiation between the Federal Government and Dangote Refinery is not yielding positive results.
This has led to several fears that there might be an incoming petrol hike or worse, a petrol scarcity which many Nigerians do not want.
According to reports, NaijaEyes gathered that Dangote may stop supplying fuel to the local Nigerian market if the negotiation fails. However, it will continue to export, as the majority of its crude comes from the international market in dollars.
This means that marketers may now have to buy from Dangote in dollars, as the reason for the Naira for crude deal with the Nigerian National Petroleum Company (NNPC) Ltd. was to buy crude in local currency and sell to marketers in Naira.
NNPC has come out to deny allegations that they were deliberately trying to sabotage the naira for crude renegotiation with Dangote refinery.
A statement issued by Mr. Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, explained that the naira for crude deal was structured on a six-month agreement starting from October 2024 to March 31st, 2025.
Nigerians are quite hopeful that the negotiation between the Federal Government and Dangote Refinery will succeed, so as to put to rest the rumors stating that Dangote Refinery plans to stop supplying fuel to the Nigerian market.
Anthony Chiejina, Dangote Group spokesperson, stated that he is not aware of the refinery’s decision to stop supplying petrol to the Nigerian market.
He said, “I’m not aware.”
Recently, there has been a price war between Dangote Refinery and NNPCL, which has led to the fuel selling at a depot price of N860 per Litre.
Recall, that Dangote has secured a new crude oil deal from Equatorial Guinea, which also joins Algeria as African suppliers of crude oil to Dangote Refinery.
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