UPDATED: Petrol pump price may drop as FG’s crude oil sales in Naira continue

Nigerians will soon heave a sigh of relief as the pump price of Premium Motor Spirit (PMS), popularly called petrol, may drop due to the continuation of the crude and refined product sales in Naira initiative by the Federal Government.

The federal government on Wednesday confirmed the crude and refined product sales in Naira initiative as a standing national policy, which will continue indefinitely, after a meeting of the Technical Sub-Committee.

It stated that the initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives.

The government said the crude and refined product sales in the Naira initiative are not a temporary or time-bound intervention but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.

The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC).

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The Federal Ministry of Finance said in its X handle that “As with any major policy shift, the Committee acknowledges that implementation challenges may arise from time to time. However, such issues are being actively addressed through coordinated efforts among all parties.”

The meeting of the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative, which was convened on Tuesday to review progress and address ongoing implementation matters, had in attendance all the stakeholders.

The meeting was attended by the Chairman of the Implementation Committee, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the Chairman of the Technical Sub-Committee and Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji; the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives of Dangote Petroleum Refinery and Petrochemicals; and senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), representative of Afreximbank, as well as the Secretary of the Committee, Hauwa Ibrahim.

The continuation of the Crude and Refined Product Sales in Naira initiative, underscored by the government is a commitment and strategic move expected to have a lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency.

Mr. Sunday Dare said “President Tinubu is committed to ensuring that Nigerians get the relief necessary from the Ongoing Reforms across the board, especially oil sector reforms. The extension of the naira for the crude initiative will help keep prices of PMS at affordable prices”.

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