In a recent statement, Eche Idoko, the Publicity Secretary of the Crude Oil Refiners Association of Nigeria, mentioned that Dangote Refinery and other local refineries have not yet commenced buying crude oil in Naira following President Bola Ahmed Tinubu’s directive issued last week.
He further explained that the Nigerian Midstream and Downstream Petroleum Authority is anticipated to initiate the process.
Discussing the current situation, Idoko said, “We have not started purchasing crude from NNPC. Individual members have already reached out to them (NNPC) and submitted several requests from these refineries. Ideally, we would expect our regulator, in this case, the NMDPRA, to kick off the process by convening a meeting of all stakeholders to deliberate on the framework for such supply or to have NNPC address the various letters it has received from the refineries seeking crude oil.”
It is worth recalling that Tinubu had instructed NNPC last month to supply crude to the 650,000 barrels per day Dangote Refinery and other local refineries. The government emphasized that this measure is aimed at enabling the country to fulfill its 450,000 barrels per day domestic commitment as outlined in the Petroleum Industry Act.
The intervention by Tinubu was designed to resolve the ongoing crude supply challenges that Dangote Refinery has been facing.