By Peter Adelowo
On the heels of the ongoing controversy surrounding the naira for crude deal which commenced in October 2024, Heineken Lokpobiri, minister of petroleum resources (oil) has clarified that the deal has not been called by the government.
Under the naira for crude deal, the Nigerian National Petroleum Company Limited (NNPCL) has been made to supply domestic refineries, including Dangote refinery with crude oil with payment made in Naira.
However, the company responding to news reports of the termination of the contract on monday, announced that the contract for the sale of crude oil in Naira was structured as a six-month agreement and subject to availability, adding that the contract is expected to expire at the end of March 2025.
Speaking on the development on Tuesday in Abuja during a meeting with Petroleum Products Retail Outlet Owners Association (PETROAN) Lokpobiri said that the government has not canceled the initiative, adding that the deal between NNPC and Dangote Refinery was the pilot scheme.
The Minister of Petroleum, Oil, also pledged to present their plea for the sustenance of the crude for Naira policy and urged them to infuse the Compressed Natural Gas component in their various Retail outlets.
The President, Petroleum Retail owners Association of Nigeria, Dr. Gallis Harry, pleaded that the allocation of petroleum lifted by its member increased and called for the support of local refining of Petroleum.
Dr. Harry also stressed the need for a hitch free payment and loading system of Petroleum products.
