FG assures Nigerians of steady supply of refined petroleum products

By Omodele Adigun

The Federal Government has assured Nigerians that there will be no disruption in the supply of refined petroleum products across the country.

This assurance came after a meeting of the Domestic Crude Oil and Refined Products Sales in Local Currency Initiative, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

This was contained in a statement signed by Mohmmed Manga, the ministry’s Director, Information and Public Relations on Sunday.

The meeting, which was held recently, reviewed developments in the downstream oil sector.

According to the statement, “Two recent issues: the purported suspension of the Naira-for-crude oil arrangement by the Dangote Refinery, which has since been amicably resolved, and the concerns raised by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) regarding the Dangote Refinery.”

The Naira-for-crude oil arrangement is a key initiative aimed at promoting the use of the local currency in the oil industry. The arrangement allows refineries to purchase crude oil in Naira, reducing the demand for foreign exchange and promoting stability in the forex market.

However, concerns were raised when the Dangote Refinery purportedly suspended the arrangement. This move sparked fears of a potential disruption in the supply of refined petroleum products. Fortunately, the issue has since been amicably resolved.

The meeting also addressed concerns raised by PENGASSAN regarding the Dangote Refinery. The association had expressed worries about the refinery’s operations, which could potentially impact the supply of petroleum products.

The committee reassured Nigerians that all outstanding issues are being addressed with urgency and in good faith.

“The federal government remains fully committed to ensuring energy security, protecting consumers, and maintaining stability in the domestic petroleum products market,” the statement added.

The meeting had in attendance the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, the Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, who also chairs the Technical Committee, and representatives of key organisations.

These organisations include the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian National Petroleum Company (NNPC) Ltd., Central Bank of Nigeria (CBN), Afreximbank, and the Dangote Refinery.

The presence of these stakeholders underscores the government’s commitment to collaboration and dialogue in resolving issues in the oil industry.

The committee’s assurance is a welcome development for Nigerians who have been grappling with the challenges of petroleum product scarcity.

The steady supply of these products is crucial for the country’s economy and the well-being of its citizens.