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Fuel prices may fall as FEC renews naira-for-crude deal

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Oil marketers have stated that Nigerians will soon heave a sigh of relief as the pump price of Premium Motor Spirit, popularly called petrol, will drastically reduce due to the continuation of crude and refined product sales in the naira initiative by the Federal Government.

They also stated that a major player in the sector, Dangote Refinery, is anticipated to lower its petrol loading costs by the end of this week, further contributing to the reduction in fuel prices.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, reassured the public of the forthcoming price drop while commenting on the Federal Executive Council’s directive regarding the naira-for-crude agreement, announced on Wednesday.

The official, however, couldn’t project the expected amount as the price at which the government will sell its products remains unclear.

This was as the National Publicity Secretary of Crude Oil Refinery-owners Association of Nigeria, Eche Idoko, emphasised the need for greater involvement of other local refiners in the initiative, stressing that broader participation would enhance the economic benefits and strengthen the impact of the deal.

On Wednesday, the Federal Executive Council, after an initial delay, directed the full implementation of the suspended Naira-for-Crude agreement with local refiners.

It said the initiative with local refineries is not a temporary measure but a “key policy directive designed to support sustainable local refining.”

The Ministry of Finance disclosed this in a statement published on its official X handle titled, “Update on the Crude and Refined Product Sales in Naira Initiative.”

The statement was released following a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery, a major beneficiary of the agreement, to review progress and address ongoing implementation matters.

The meeting was attended by Edun, the Chairman of the Implementation Committee; the Chairman of the Technical Sub-Committee and Chairman of the Federal Inland Revenue Service, Zacch Adedeji; the Chief Financial Officer of Nigerian National Petroleum Company Limited, Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives of Dangote Petroleum Refinery and Petrochemicals.

Also present were representatives of Dangote Petroleum Refinery and Petrochemicals, the Nigerian Upstream Petroleum Regulatory Commission, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Ports Authority, Afreximbank, and the Secretary of the Committee, Hauwa Ibrahim.

As part of moves to reduce the strain on the US dollar and guarantee price stability of petroleum products, the FEC in July 2024 directed the national oil company to sell crude oil to Dangote Refinery in naira and not in United States’ greenback for an initial phase of six months.

The sale of crude oil and refined petroleum products in naira to local refineries commenced on October 1, 2024 to improve supply, save the country millions of dollars in petroleum products imports, and ultimately reduce pump prices.

However, in March, Dangote refinery said it had temporarily halted the sale of petroleum products in naira. The refinery said the decision to halt sales in naira was “necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars”.

Immediately after the announcement, private depot owners effected an increase in loading cost and effectively raised pump price from around N860 to about N960 per litre, making consumers pay at least N70 more than what it used to cost them to buy a litre of the premium commodity days earlier.

But in a fresh update on Wednesday, the committee said the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.

It added that the initiative is not a temporary or time-bound intervention but a key policy directive designed to support sustainable local refining and bolster energy security.

The statement read, “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.

“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.“

Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”

The policy, which mandates the transaction of crude oil and refined petroleum products in Naira, is aimed at strengthening the country’s economic sovereignty, enhancing local refining capacity, and stabilising the foreign exchange market by reducing the demand for dollars in domestic petroleum transactions.

The ministry explained that this policy is structured to foster energy security and encourage investment in domestic refining infrastructure.

While acknowledging that the transition involves complexities, the government admitted that existing challenges are being systematically addressed.

“As with any major policy shift, the committee acknowledges that implementation challenges may arise from time to time.“

However, such issues are being actively addressed through coordinated efforts among all parties. The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the statement concluded.

Commenting, industry players said the resumption of Naira-denominated crude sales would reduce the strain on the US dollar and guarantee the price stability of petroleum products.

The IPMAN national publicity secretary, in his expert opinion, welcomed the recent development, noting that it reflects the President’s willingness to listen to stakeholders, which is a positive sign for the country’s energy sector. He said the deal was always expected to be implemented.

Ukadike said, “We have always mentioned that the deal was definitely going to be implemented. We don’t know the details of the new agreement.

IPMAN welcomes the latest development and it shows Mr. President has listening ears with this kind of output from the government. It shows that inputs from individuals and stakeholders matter a lot.

The policy doesn’t deter anyone who wants to import petroleum products. But the most important thing is that they should go ahead and ensure that the conclusion affects prices in the market.

“With this new decision taken by the government, I also believe earnestly that just with the complaint of marketers crying of huge losses caused by a sudden drop in price. Their plea is also yielding fruit.”

He added that with the positive development and recent fall in the price of crude, the 650,000 is poised to reduce its loading price downward before the end of the current week.

“I believe that from now till the end of the week, the Dangote refinery will come up with a new price. They can’t complain of having old stock because that is not the best practice internationally.”

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BREAKING: NNPC Spokesman, Soneye resigns

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The Nigerian National Petroleum Company Limited (NNPCL) is expected to name a new spokesperson soon, following the resignation of the company’s Chief Corporate Communications Officer (CCCO), Olufemi Soneye.

In a statement made available to the press in Abuja on Saturday, Soneye thanked his former employer and colleagues for their support during his tenure as CCCO.

He stated that his decision to step down was to enable him to devote more time to his family and attend to personal responsibilities that require his closer presence.

The statement read: “Dear Esteemed Colleagues, I extend my heartfelt gratitude to you all for the unwavering support, professionalism, and genuine commitment you’ve shown in helping to shape and amplify the NNPC Ltd story over the past 20 months.

“Your role in building a vibrant and effective communications presence for our national energy company has been nothing short of invaluable.

“I wish to inform you that I have stepped aside from my role as Chief Corporate Communications Officer of NNPC Ltd. This decision will allow me to devote more time to my family and attend to personal responsibilities that now require my closer presence.

“It has been a profound honour to serve both the Company and our country and to contribute in my own way to the ongoing transformation of NNPC Ltd.

I am deeply grateful for the trust reposed in me, the opportunities granted, and the incredible professionals—both within and outside the organization—with whom I have worked.

“I remain a steadfast supporter and ambassador of NNPC Ltd wherever I go. I enjoin you, dear colleagues, to continue your robust, balanced, and constructive reportage in support of the Company’s noble mission and strategic role in Nigeria’s energy future.”

Soneye was appointed as NNPCL’s spokesman in October 2023, following a company-wide reorganisation that saw him replace Garba Muhammad.When contacted by Tribune Online, Soneye confirmed the news, saying, “Yes, my bro! E ku weekend.”

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DR Congo: Heineken Forced to Withdraw Staff as Rebels Seize Facilities

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Heineken has lost operational control and withdrawn its staff from facilities in eastern Democratic Republic of Congo (DRC), CNN on Saturday quoted that the Dutch brewer announced on Friday.

In March, the company had suspended operations in three eastern cities, citing safety concerns after breweries were damaged and depots raided during clashes between government forces and rebels.

On Friday, Heineken said the situation had worsened. Armed groups have taken control of its sites in Bukavu and Goma—eastern Congo’s largest cities—as well as surrounding areas.

“The conditions required to operate responsibly and safely are no longer present and as of 12th June 2025, we have lost operational control,” it said in a statement.

Heineken’s local unit, Bralima, continues to operate in parts of the country not affected by the fighting. The company said it is monitoring developments closely.

Heineken owns four breweries in the DRC, producing its namesake beer along with local brands such as Primus. It previously said its Bukavu facilities employed about 1,000 people directly and indirectly.

“Our top priority is the safety and wellbeing of our employees,” Friday’s statement read.

Reuters also reported, “We have withdrawn all remaining staff from these sites and we have continued to support them financially.”

Nearly 14 per cent of Heineken’s total revenue comes from its Middle East and Africa operations, with Congo—home to over 100 million people—a significant market.

Before the suspension, operations in Goma, Bukavu, and Uvira represented roughly one-third of Heineken’s business in the country.

Conflict in eastern Congo has intensified in 2025, with the M23 rebel group making major territorial gains, sparking fears of broader regional instability.

Congo accuses Rwanda of backing M23 with troops and weapons—allegations Rwanda has consistently denied.

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MTN , Airtel , Glo Begin USSD Direct Charges from Today

The new billing model would allow mobile network operators to charge customers directly for USSD sessions, with charges deducted from airtime balance at N6.98 per 120 seconds.

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Telecom subscribers in Nigeria will now be charged directly by their mobile network operators for Unstructured Supplementary Service Data (USSD) services, starting Wednesday, June 18, 2025.

This was disclosed by Mr Gbenga Adebayo, the Chairman, Association of Licensed Telecommunications Operators of Nigeria (ALTON), and the Publicity Secretary, Mr Damian Udeh.

Adebayo said that the change is in line with the Nigerian Communications Commission’s (NCC) determination of USSD pricing and services, developed in collaboration with the Central Bank of Nigeria (CBN) and other stakeholders.

” The new billing model would allow mobile network operators to charge customers directly for USSD sessions, with charges deducted from airtime balance at N6.98 per 120 seconds,” he said.

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