See Why FG Suspended Naira For Crude Policy

Stakeholders in the nation’s downstream petroleum sector have said the federal government stopped the Naira for Crude policy to frustrate the Dangote refinery and bring back the full importation of refined petroleum products.

According to domestic crude oil refiners, suspending the deal defeats the efforts of all stakeholders to achieve energy security in-country.

Lagosbusiness learnt that the suspension of the sales of petroleum products in naira by the Dangote Petroleum Refinery following a stalled renegotiation of the naira-for-crude deal with the Nigerian National Petroleum Company Limited.

Speaking, the National Publicity Secretary of the Crude Oil Refinery-owners Association of Nigeria (CORAN), Eche Idoko, disclosed that some persons were aggrieved by the continuous reduction in petrol prices by the Dangote refinery and only used monopolistic talks to bring back importation as an alternative.

True to this fact, the continuous importation of refined products has persisted despite improving local capacity.

Also, depot owners have continued to effect an increase in the loading cost of petrol and other refined petroleum products at their depots.

An analysis of data obtained by our correspondent revealing petrol price movements at loading depots on Thursday showed that Rainoil Depot increased its price from N835 to N860 per litre, and MEN depot effected an increase to N860 per litre despite not making sales the previous day.

Pinnacle Depot made a similar price change from N835 to N860 per litre, while Aiteo and Nipco changed their prices to N856 and N860 per litre, respectively, from N835.

Seven vessels carrying imported Premium Motor Spirit, popularly called petrol, are expected to berth at seaports along the nation’s borders between Monday, March 17, and Sunday, March 23, Saturday PUNCH reports.

According to a document obtained from the Nigerian Port Authority on Thursday, these vessels carrying 115,000 metric tonnes representing 154.22 million litres of PMS will bring in products through three seaports to improve fuel supply nationwide.

The latest development follows an exclusive report by The PUNCH, which disclosed that the landing cost of imported PMS dropped to N797 per litre.

An analysis of the document from NPA showed that the commodities landed at the Tincan port in Lagos, the Lekki Deep Seaport in Lagos and the Calabar port in Cross River State.

The document also revealed that the Dangote refinery imported 654,766 metric tonnes of crude oil within the same period.

The first shipment carrying 20,000 metric tonnes of PMS allocated to the West African Port Services berthed at the Dangote terminal on Monday, March 17, 2025, at 4:03 pm.

On the same day, two vessels conveying 20,000 metric tonnes respectively berthed at the Tincan and Calabar seaports.

This was followed by the arrival of a 20,000 metric-tonne Watson vessel on Thursday, March 20, at 3:18 pm. It berthed at the Ecomarine terminal and was handled by a Kach maritime agent.

Similarly, a Binta Saleh ship was scheduled to berth at the Tincan port in Lagos carrying 5,000 metric tonnes of imported petrol on Friday, March 21 at midnight.

On Saturday, March 22, at 11:06 am, another vessel carrying 15,000 metric tonnes of fuel will berth at the Calabar port. It was assigned to Peak Shipping as its agent.

At the same port, a vessel carrying 15,000 metric tonnes of fuel will arrive at the Eco marine terminal on Sunday at 5:10 pm. This means the seven vessels should bring in 115,000 metric tonnes.

Going by the conversion rate of 1,341 litres to one metric tonne, it, therefore, implies that the marketers are bringing in about 154.22 million litres of petrol.