Local refinery owners confirm end of Naira-for-Crude initiative for local refineries

The Dangote Petroleum Refinery is facing a new challenge. Nigeria's public oil company, Nigerian National Petroleum Company (NNPC) Limited, has suddenly terminated the Naira Exchange Agreement for Crude Oil. Nigeria's refining industry is going through a difficult period with the sudden decision of the Nigerian National Petroleum Company (NNPC) to terminate the Naira Exchange Agreement for Crude Oil. This will force local refiners, including the…

Local refinery owners confirm end of Naira-for-Crude initiative for local refineries

The Crude Oil Refinery-owners Association of Nigeria (CORAN) has confirmed the end of the Naira-for-Crude initiative of the Federal Government which was aimed at supporting local refineries. The post Local refinery owners confirm end of Naira-for-Crude initiative for local refineries   appeared first on Nairametrics.

Petrol Prices Set to Rise as NNPC Stops Naira Payment Deal with Local Refineries - TheNGblog | Nigeria's Best News Blog

The Nigerian National Petroleum Company (NNPC) Limited has announced it has stopped its naira-for-crude deal. NNPCL had signed the deal with Dangote Petroleum Refinery and other local refineries. This has now raised fears of a possible increase in petrol prices. With this development, local refineries will now have to buy crude oil from international suppliers, paying in dollars instead of naira. This is expected to drive up production costs and…

Petrol price hike looms as NNPC halts naira-for-crude deal with local refineries

The Nigerian National Petroleum Company (NNPC) Limited has discontinued the naira-for-crude deal with Dangote Petroleum Refinery and other local refineries   The development could trigger an uptick in the pump price of petrol as local refineries — including Dangote — will now rely on international suppliers for feedstock, gulping huge costs in dollars.   The NNPC reportedly told the refineries it has forward-sold all its crude, although producti…