The approval given by President Bola Tinubu for the sale of crude oil to the Dangote Petroleum Refinery in naira is going to force the prices of domestically refined petroleum products to crash, oil marketers, refiners, and experts stated on Monday.
Operators in the downstream oil sector commended the move by the President, stating that it would boost the outputs of domestic refineries, shore up the country’s foreign exchange reserves, and strengthen the naira.
They also hailed the media for always putting the matter on the front burner, stressing that Nigerian refineries should not continue to struggle to get the United States dollar to procure a commodity that is produced in-country.
On Monday, Tinubu directed the Nigerian National Petroleum Company Limited to sell crude to the Dangote refinery and other upcoming refineries in naira.
