The Crude Oil Refiners Association of Nigeria say they have still not heard from the Nigeria National Petroleum Company Limited (NNPCL) on the directive handed from President Bola Ahmed Tinubu saying crude oil should be sold to them in naira. The oil refiners say despite repeated attempts to reach the NNPCL on modalities for take-off, no official communication have been given to that effect.
The Federal Executive Council (FEC) had adopted a proposal by President Tinubu to sell crude to the Dangote refinery and other upcoming refineries in naira. The FEC 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 exchange rate will be fixed for the duration of this transaction.
However, almost one week after the announcement, the refiners said they had not heard from the NNPC.
The Publicity Secretary of the Crude Oil Refiners Association of Nigeria (CORAN), Eche Idoko, said the Nigerian Midstream and Downstream Petroleum Authority is expected to kickstart the process.
“We have not started buying crude from NNPC. Individual members have written to them (NNPC) already, and they have several requests from these refineries before them.
“Typically, we would expect our regulator, in this instance, the NMDPRA, to kick start the process by calling for a meeting of all parties to discuss the framework for such supply or have NNPC respond to the various letters to it by the refineries requesting for crude,” Idoko noted.
Recall major refiners, including the chairman of Dangote group, Alike Dangote, have recently been in the news alleging deliberate sabotage by some major players in the fuel importation business. An official of Dangote refinery also confirmed the naira crude sale is yet to take off.
When contacted, the spokesman for the NNPCL declined to comment.
