• About Us
  • Contact Us
  • Privacy & Policy
Saturday, July 26, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

Mixed Reactions as Nigeria Launches Crude Oil Sales in Naira to Local Refiners

Vincent Amadi by Vincent Amadi
October 8, 2024
in Economy
Reading Time: 3 mins read
A A
0
Mixed Reactions as Nigeria Launches Crude Oil Sales in Naira to Local Refiners
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram


The federal government has officially confirmed the commencement of crude oil sales to local refiners in naira, raising hope among Nigerians for a potential decrease in fuel prices.

However, experts in the field have expressed mixed sentiments regarding this development, cautioning that the public should temper their expectations.
Wale Edun, the Minister of Finance and the Coordinating Minister for the Economy, announced this significant move in a recent statement.

This initiative follows a directive from President Bola Tinubu to facilitate the sale of crude oil to Dangote in naira, a strategic decision aimed at reducing the cost of premium motor spirit (PMS), commonly referred to as petrol.
Previously, Dangote had launched petrol products from its massive 650,000-barrel refinery located in Ibeju-Lekki, Lagos. However, many Nigerians were left disappointed when the introduction of these products did not result in a reduction in PMS prices.

The Nigerian National Petroleum Company Limited (NNPCL) set the price for Dangote’s petrol at N950 per litre in Lagos, claiming that it had acquired the product at N898 per litre from Dangote.

In response, Dangote refuted these claims, asserting that petrol prices would decrease further with the initiation of crude oil sales in naira from NNPCL.
In his statement, Minister Edun confirmed, “Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira.” He elaborated that this initiative began on October 1, 2024, in accordance with the directive from the Federal Executive Council (FEC).


Moreover, the Minister mentioned that “Following a meeting of the Implementation Committee, Chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders.”
This significant move by the Bola Tinubu administration is anticipated to have a profound and lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency. It aims to navigate the complexities of global markets and position Nigeria for success in the years ahead.
Dr. Ayodele Oni, an oil and gas industry analyst, shared his insights, predicting that this development could alleviate pressure on the naira by approximately 40%.

He stated, “I am of the view that it would reduce the pressure on the Naira by around 40% and could generally keep the Naira a bit more stable. In terms of pricing, I don’t see a lot of difference unless crude prices go down or the government provides some form of subsidy.”
On the other hand, Emeka Onyegbule expressed skepticism regarding the potential for significant reductions in fuel prices.

He cited the high cost of production in Nigeria, noting, “The cost of production in Nigeria is probably the highest in Africa. I really don’t see anything happening unless we want Dangote to sell at a cost-recovery price. I don’t expect something manufactured in Nigeria to be cheaper than the one manufactured in Europe.”
As the federal government initiates this new strategy, the outcomes of these decisions remain to be seen, with both opportunities and challenges ahead for the Nigerian economy and its citizens.

Vincent Amadi

Vincent Amadi

Related Posts

Naira depreciates against dollar twice in one week
Economy

Naira depreciates against dollar twice in one week

3 days ago
Dangote Refinery Drops Pump Prices Again with a Price Range between 875 and ₦905 Nationwide
Economy

Dangote Refinery Targets 700,000 BPD Capacity by Year-End

5 days ago
Nigerian Stock Market Gains N833bn as Dangote, BUA Lead Rally
Economy

Nigerian Stock Market Gains N833bn as Dangote, BUA Lead Rally

1 week ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Marketers kick against Dangote’s plan to crash price of cooking gas

1 week ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

The Partnership Aims To Improve Workers’ Welfare Nationwide
National

The Partnership Aims To Improve Workers’ Welfare Nationwide

6 hours ago
HYPREP Set To Engage 45 Percent Female Workers in Ogoni Cleanup 
National

HYPREP Set To Engage 45 Percent Female Workers in Ogoni Cleanup 

14 hours ago
2027: New applications for political parties’ registration now at 144 — INEC
National

2027: New applications for political parties’ registration now at 144 — INEC

17 hours ago
States reducing electricity tariff must pay subsidy – NERC
National

States reducing electricity tariff must pay subsidy – NERC

18 hours ago
Reps queries Ibas over N24bn for CCTV, N30bn for gunboats in Rivers’ 2025 budget
National

RSG inaugurates Committee To Eradicate Farmers, Herders Clash

18 hours ago
Tinubu should have debunked rumours of dropping Shettima as running mate in 2027 – Baba-Ahmed
National

Tinubu should have debunked rumours of dropping Shettima as running mate in 2027 – Baba-Ahmed

2 days ago

POLITICS

I will follow footsteps of President Bola Tinubu – New APC National Chairman, Yilwatda

I will follow footsteps of President Bola Tinubu – New APC National Chairman, Yilwatda

17 hours ago
2027: Gov Adeleke made a political chess move by endorsing Tinubu – Ex Osun Gov Oyinlola

2027: Gov Adeleke made a political chess move by endorsing Tinubu – Ex Osun Gov Oyinlola

18 hours ago
APC Nears Two-Third Senate Majority After PDP Defections

APC Nears Two-Third Senate Majority After PDP Defections

2 days ago
PDP Governors hold closed door meeting ahead of NEC session

PDP Governors hold closed door meeting ahead of NEC session

2 days ago
2027: Obi tricked into Atiku-backed coalition — Katchy Ononuju, former aide to Obi

2027: Obi tricked into Atiku-backed coalition — Katchy Ononuju, former aide to Obi

2 days ago
Peter Obi Free to Run in 2027 – Datti Baba-Ahmed

Peter Obi Free to Run in 2027 – Datti Baba-Ahmed

2 days ago

YOUR ECONOMY

Naira depreciates against dollar twice in one week
Economy

Naira depreciates against dollar twice in one week

3 days ago
Dangote Refinery Drops Pump Prices Again with a Price Range between 875 and ₦905 Nationwide
Economy

Dangote Refinery Targets 700,000 BPD Capacity by Year-End

5 days ago
Nigerian Stock Market Gains N833bn as Dangote, BUA Lead Rally
Economy

Nigerian Stock Market Gains N833bn as Dangote, BUA Lead Rally

1 week ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Marketers kick against Dangote’s plan to crash price of cooking gas

1 week ago
Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion
Economy

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion

4 weeks ago
IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s
Economy

IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s

1 month ago

E & P

NFF appoints  New Coaches For Junior National Football Teams
Sports

NFF appoints  New Coaches For Junior National Football Teams

by Tammy Opoki
13 hours ago
0

To ensure that Nigeria maintain her superiority in age grade football competitions , the  executive committee of the Nigeria Football...

Pay All Allowances, Bonuses of Super Falcons immediately – President Tinubu 

Pay All Allowances, Bonuses of Super Falcons immediately – President Tinubu 

15 hours ago
Will Osimhen Leave Turkey in January? Galatasaray Coach Provides Update on Napoli Loan Future

Breaking News: Victor Osimhen finally joins Galatasaray in summer transfer

5 days ago
Inter Milan Target Ademola Lookman in €40m Transfer Bid

Inter Milan Target Ademola Lookman in €40m Transfer Bid

1 week ago
Update: Speed Darlington sues NAPTIP, demands N3billion for alleged damages

Update: Speed Darlington sues NAPTIP, demands N3billion for alleged damages

1 week ago
Victor Osimhen Transfer Drama Escalates as Napoli Rejects Galatasaray’s Third Bid

Osimhen Asks Napoli to Clear Path for Galatasaray Move – Mustafa Göksu

2 weeks ago

YOUR THOUGHT & HISTORY

Tribute to Old Port Harcourt Boy (Peter Rufai)
Columns

Tribute to Old Port Harcourt Boy (Peter Rufai)

by Tammy Opoki
5 days ago
A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent
Columns

A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent

by Odini Brains
1 week ago
El-Rufai Plans New Party as ADC Backup Against APC Interference
Columns

The Shadow Strategist: El-Rufai, the Illusion of Power, and 2027’s Looming Reckoning

by Odini Brains
3 weeks ago
Columns

Kidnapped, Silenced, Vindicated: The Full Impact of Kanu’s Judgment

by Odini Brains
4 weeks ago
The Emerging Kogi: Economic Growth Impact Transforming Better Reality
Columns

The Emerging Kogi: Economic Growth Impact Transforming Better Reality

by Kiikpoye Karibo
1 month ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

The Partnership Aims To Improve Workers’ Welfare Nationwide

The Partnership Aims To Improve Workers’ Welfare Nationwide

July 25, 2025
NFF appoints  New Coaches For Junior National Football Teams

NFF appoints  New Coaches For Junior National Football Teams

July 25, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address