On the 1st of October 2024, the sale of crude by NNPCL to Dangote refinery began with the announcement coming from the minister of finance, Wale Edun.
Recall that back in July 2024, President Bola Ahmed Tinubu had given the directive to NNPCL to sell crude oil to Dangote’s refinery in Naira in order to ensure the stability of petrol pump prices in Nigeria.
Wale Edun made the announcement on the ministry of finance’s official X page (Twitter) on Saturday at 11:33 AM. It was noted that inception/kick-off of the Naira-for-crude sale with Dangote refinery is in line Federal Executive Council, FEC directive.
According to Wale Edun, a meeting was held with all stakeholders on October 3rd to review the implementation of the deal with the Dangote refinery further. This development is meant to reduce the petrol pump price, which stood at N950-N1200 depending on the location.
