Nigeria Assures Steady Fuel Supply Amid Naira-for-Crude Dispute and Dangote Refinery Tensions
By NaijaEnquirer Staff
The Federal Government has assured Nigerians that the supply of refined petroleum products will remain uninterrupted, despite recent controversies surrounding the naira-for-crude oil initiative and an ongoing dispute between the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Dangote Refinery.
Government Moves to Calm Concerns
Concerns had been raised after Dangote Refinery temporarily suspended the sale of petrol in naira, citing the depletion of its crude-for-naira allocation. However, the government moved quickly to address the situation.
This reassurance followed a meeting of the Steering Committee of the Domestic Crude Oil and Refined Products Sales in Local Currency Initiative, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja.
Naira-for-Crude Deal Resolved
In a statement signed by Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance, the government clarified that the reported suspension of the initiative by Dangote Refinery “has since been amicably resolved.”
“For the avoidance of doubt, the committee reassured that the crude oil for the Naira initiative will continue,” the statement read.
High-Level Meeting to Sustain Fuel Stability
The meeting was attended by key government and industry figures, including Minister of Budget and Economic Planning Senator Abubakar Atiku Bagudu, FIRS Chairman Zacch Adedeji, representatives from NNPC Ltd., the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the Central Bank of Nigeria, Afreximbank, and Dangote Refinery. All parties unanimously agreed on the importance of sustaining stable fuel supply nationwide.
PENGASSAN Concerns Addressed
The committee also assured that concerns raised by PENGASSAN over Dangote Refinery’s operations are receiving “urgent and good-faith attention” from relevant stakeholders.
“All outstanding issues, particularly the dispute between PENGASSAN and Dangote Refinery, are being addressed with urgency and in good faith,” the statement added.
Commitment to Energy Security
The government reaffirmed its commitment to energy security, consumer protection, and stability in the petroleum market. “The federal government remains fully committed to ensuring energy security, protecting consumers, and maintaining stability in the domestic petroleum products market,” the Finance Ministry stated.
Reassuring the Public
The assurance comes amid heightened public concern that ongoing disagreements in the downstream sector could jeopardize fuel availability and destabilize the market. Authorities, however, insist that proactive measures are in place to prevent any disruption and to maintain public confidence in Nigeria’s fuel supply system.
