By The Federal Government has reiterated that its policy on Crude Oil and Refined Product Sales in Naira remains in effect and is not time-bound.
The Federal Ministry of Finance made this known in a statement on Wednesday, following a review meeting by the technical sub-committee on the initiative. The committee acknowledged that while challenges exist, they are being addressed through coordinated efforts.
The clarification comes amid concerns over rising petrol prices, particularly after Dangote Refinery cited crude procurement costs in U.S. dollars as a key factor. The government’s reaffirmation is seen as a response to falling global crude prices, which recently dropped $10 below the projected $75 per barrel, affecting revenue targets.
The meeting was attended by key stakeholders, including Finance Minister Wale Edun, FIRS Chairman Zacch Adedeji, NNPC CFO Dapo Segun, and representatives from Dangote Refinery, Afreximbank, and regulatory bodies.
The statement emphasized that the policy aims to support local refining, enhance energy security, and reduce forex dependency in the petroleum sector.
