The Steering Committee of the Domestic Crude Oil and Refined Products Sales in Local Currency Initiative met this Sunday to review developments in the downstream oil sector as tensions continue to heighten between Dangote refinery and workers unions.
A statement from the ministry of Finance disclosed that the meeting was chaired by the Minister of Finance and the Coordinating Minister of the Economy, Mr. Wale Edun and dwelt on two recent issues: the purported suspension of the Naira-for-crude oil arrangement by the Dangote Refinery, which has since been amicably resolved, and the concerns raised by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) regarding the Dangote Refinery.
The committee reassured that the crude oil for the Naira initiative will continue and assured that all outstanding issues, particularly the dispute between the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Dangote Refinery are being addressed with urgency and in good faith.
The statement added that the federal government remains fully committed to ensuring energy security, protecting consumers, and maintaining stability in the domestic petroleum products market.
The meeting had in attendance the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, the Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, who also chairs the Technical Committee, the representatives of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian National Petroleum Company (NNPC) Ltd., Central Bank of Nigeria (CBN), Afreximbank, and the Dangote Refinery reaffirmed that there will be no disruption in the supply of refined petroleum products across the country.
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