Nigeria has introduced a novel petroleum trading scheme, commencing October 1, 2024, in partnership with Dangote Refinery. The Finance Minister made the announcement.
A high-level gathering on October 3, 2024, assessed the program’s implementation, attended by petroleum ministry officials, presidential advisors, and Dangote Group and NNPC executives.
This initiative aims to stabilize domestic fuel prices, currently fluctuating between N950 and N1,100 per liter. Analysts predict reduced fuel costs.
President Bola Ahmed Tinubu’s July 2024 directive mandated NNPC to transact crude oil with Dangote Refinery in Nigerian currency.
This development will significantly impact Nigeria’s oil and gas sector.
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