Nigerian government directs sale of Nigeria’s crude oil to Dangote, other local refineries in naira

The Nigerian Government has directed state oil firm Nigerian National Petroleum Corporation Limited (NNPCL) to engage Dangote refinery and other local refineries with a view to resolving the dispute over the sale of crude oil to them

Penpushing reports that the Federal Executive Council (FEC) gave the directive during a meeting presided over by President Bola Tinubu, adding that such crude oil sales to the refineries be made in naira and that the refineries, located in Nigeria, should also sell their refined products to the Nigerian market in naira.

The Federal Executive Council (FEC) decisions is aim to resolve the dispute between Dangote refinery and regulators, while it is recalled that there has been dispute between Dangote refinery and regulators in the oil sector over crude supply to the refinery and importation of refined petroleum products.

Penpushing further reports that Dangote accused regulators of failing to comply with Nigeria’s Petroleum Industry Act, which mandates local provision of crude oil to local refineries and discourages the import of refined petroleum products, and in swift response the regulators accused Dangote of seeking to be a monopoly.

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