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How Petrol Prices Set to Hit N991.21/Litre as NNPC Exits Off-Taker Role

Published by Tope Fakinlede on October 9th, 2024.

How Petrol Prices Set to Hit N991.21/Litre as NNPC Exits Off-Taker Role

Efforts to contact Olufemi Soneye, the NNPC’s chief corporate communications officer, have been unsuccessful. He did not answer calls or respond to text messages seeking clarification by Tuesday morning.

It remains uncertain how this change will affect the Nigerian government’s plan to sell crude oil in local currency. Earlier this month, the committee overseeing this initiative announced that sales in Naira had begun.

On Tuesday, Zacch Adedeji, the Chairman of the Federal Inland Revenue Service (FIRS) and head of the technical sub-committee for the Naira crude sales initiative, was unavailable for comment.

However, a source familiar with the committee’s work indicated that the NNPC’s exit would not impact the initiative. “The sale of crude in Naira has already started. Unless there’s an official announcement stating otherwise, this change won’t affect the process,” the source explained.