Dangote Refinery has been selling its refined petroleum products to its partners and marketers in the local currency once again, after halting sales in naira for 22 days.
According to the notice distributed to marketers, the Nigerian Midstream and Downstream Petroleum Regulatory Authority will now charge N865 for a liter of gasoline prior to the 880 per litre in which it was been sold
While the sale of PMS through coastal vessels is still on hold, it revealed that other products are still priced in dollars.
According to the ministry, the purpose of this policy is to promote energy security and investment in domestic refining infrastructure.
By limiting the demand for dollars in domestic petroleum transactions, the policy, which requires the payment of crude oil and refined petroleum products in Naira, aims to stabilize the foreign exchange market, improve local refining capacity, and strengthen the nation’s economic sovereignty.
If only retail establishments are controlled to avoid overcharging for excessive profits, the crude oil crash and the renewal of the naira for crude policy simply give Nigerians another opportunity to purchase reasonably priced fuel at the pump.
Source: The Punch Newspaper
