Oil marketers and domestic refiners have urged the Federal Government to provide details about the naira-for-crude deal following the announcement by the Federal Ministry of Finance that the deal started on October 1, 2024. On Saturday the Federal Government said it had commenced the sales of crude oil and other refined products in naira. The announcement was welcomed by the Crude Oil Refinery Owners Association of Nigeria and the Petroleum Retail Outlet Owners Association of Nigeria, but the operators asked the government to provide details about the deal.
The government stated on Saturday that the initiative commenced on October 1, 2024 without providing further details on the contractual agreement signed and pricing of the product. The Ministry of Finance disclosed this in a post on its X handle. The statement read, “The Minister of Finance and Coordinating Minister of the Economy announced that, in line with the Federal Executive Council directive, the sale of crude oil and refined petroleum products in naira has officially commenced as of October 1, 2024.
“Following a meeting of the Implementation Committee, chaired by the Minister of Finance on October 3, 2024, 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.” Operators react The Petroleum Retail Outlets Owners Association of Nigeria applauded the commencement of the initiative, sta.