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