See why crude oil sale in naira is good news for Nigerians

• Petrol and Gas Suppliers Association has praised the government's decision to force oil companies to sell crude oil in naira
• NOGASA believes that the directive will help alleviate the country's ongoing fuel scarcity and slash fuel prices
• The comments come as major oil marketers have decided to slash fuel prices across the country

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The National Oil and Gas Suppliers Association of Nigeria (NOGASA) has urged the Nigerian government to implement its policy of selling crude oil in Naira.

The association believes the policy is crucial in addressing the scarcity of Premium Motor Spirit (PMS), commonly known as petrol and also prices.

Fuel and Diesel to drop in price Photo credit: Nurphoto
Source: UGC

Benneth Korie, the national president of NOGASA, who made the remarks in a press briefing on Wednesday, August 28, 2024, in Abuja, stressed the importance of the crude oil sale in naira policy in stabilising the fuel market.

Korie expressed support while urging refineries to mirror the policy intention in their sale of refined products.

He said:

He also praised Aliko Dangote for his significant contribution to the industry through the establishment of Nigeria’s largest refinery, which he believes will bring substantial benefits, including improved supply, increased competition, and a stronger national economy.

Fuel scarcity in Nigeria

The NOGASA top man advocated for a broader distribution of Dangote’s refined products, calling for inclusivity among various stakeholders.

These include the Nigerian National Petroleum Company Trading (NNPC Trading), the NNPC Retail, Depot and Petroleum Products Marketers Association of Nigeria (DAPPMA), the Major Energies Marketers Association of Nigeria (MEMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), and NOGASA.

Korie believes this inclusive approach will ensure a more sustainable and widespread distribution of fuel across the country.

Filling stations adjusted fuel price

Meanwhile, Legit.ng reported that filling stations of major oil marketers across the country are offering fuel to Nigerians for as low as N630 per litre.

The price is over N200 cheaper than the N800 to N900 per litre fuel sold at other filling stations since fuel scarcity started.

Legit.ng observed that various outlets in Lagos owned by the seven major marketers—including 11 Plc, Conoil Plc, Ardova Plc, MRS Oil Nigeria Plc, OVH Energy Marketing Limited, Total Nigeria Plc, and NNPC Retail—are selling fuel below N650 per litre to motorists.

Source: Legit.ng