• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Decision to sell crude oil to refineries in local currency will crash prices of petroleum products – Group

Oil

The Matters Press by The Matters Press
August 5, 2024
Reading Time: 2 mins read
0
Nigeria regains top crude oil production spot in Africa

The Tinubu Stakeholders Forum (TSF) has expressed its backing for the recent directive approved by the Federal Executive Council (FEC) for direct sale of crude to Dangote Refinery and other domestic refineries in naira.

RELATED POSTS

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

The TSF gave its support to the new directive in a statement signed by its Chairman Ahmad Sajoh and Secretary Afolabi Josiah, saying that the move will address the concerns of Nigerians on supply and cost of petroleum products.

The statement quotes: “It is for us a strategic initiative and a significant milestone aimed at boosting the nation’s economy.

“By denominating crude oil sales to local refineries in Naira, the policy is bound to reduce the pressure on Nigeria’s foreign exchange reserves. The anticipated savings of $7.32 billion annually from this new deal will alleviate the strain on foreign currency liquidity, offering a substantial economic reprieve.

“The directive aligns with TSF’s vision of engendering economic stability and growth. It will help to stabilise petroleum product prices through fixed exchange rate sales. This move is also expected to mitigate inflationary pressures on transportation and food prices.

“As a result, Nigerians may experience a reduction in current fuel prices, which will lower transportation costs and reduce the cost of goods, thereby positively impacting household budgets across the country.

“It is also bound to have a positive effect on the matter of economy by stabilising the dollar/naira exchange rate aside from enhancing economic predictability and market stability.

“The commitment of NNPCL to supply four crude oil cargoes monthly to the Dangote Refinery and the facilitation of additional supplies from international traders highlight a robust framework designed to sustain and expand local refining capabilities.

“This is a major pro-business gesture to local refineries to increase their production capacity while ensuring a more resilient and self-sufficient petroleum sector.

“So having considered all these, we have every reason to acknowledge the foresight of the Federal Government in not only resolving disputes between NNPC Ltd and local refineries but also in encouraging increased production capacity.”

TSF added that it remains committed to supporting policies that drive Nigeria’s economic development and enhance the well-being of its people.

Tags: Crude oil
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Next Post
Nigeria has not taken decision yet on fuel subsidy

TMSG dares PDP, others to disprove Tinubu's position on post- subsidy initiatives

Cash, petrol scarcity create food crisis in Nigeria

Cost of living crisis: Group tackles state governors on poor utilisation of Tinubu initiatives, palliatives

Recommended Stories

Reforms boost Nigeria’s investment climate

Reforms boost Nigeria’s investment climate

April 20, 2024
Value of China’s export to US dips

Chinese yuan strengthens to 6.3664 against USD

March 23, 2022
Nigeria to commence renewal, boost Expatriate Quota

Illegal migration, human trafficking dominate France, Nigeria partnership

May 7, 2024

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us