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Ayomide Ayomide 
The Nigerian National Petroleum Company (NNPC) Limited has stopped its naira-for-crude arrangement with Dangote Petroleum Refinery and other local refineries. This means refineries in Nigeria must now buy crude oil from international suppliers and pay in dollars instead of naira, which could lead to higher fuel prices.
The naira-for-crude initiative started on 1st October 2024 to promote local refining, reduce fuel imports, and lower petrol prices. The Federal Executive Council (FEC) had approved 450,000 barrels of crude for local refineries, with 385,000 barrels allocated to Dangote Refinery. However, reports indicate that NNPC has forward-sold all its crude oil until 2030 and can no longer supply local refineries.
Critics have condemned the decision, arguing that Nigerians were expecting lower fuel prices, not an end to the initiative. There are also concerns that this move could weaken the naira by increasing demand for dollars.
The Dangote refinery has not yet officially responded, but a company representative said they are reviewing their options. Meanwhile, Nigerians may face rising fuel costs and economic uncertainty due to this policy change.
