Concerned Citizens Forum Urges FG to Resolve Naira-for-Crude Crisis to Avert Fuel Price Hike

The Nigerian National Petroleum Company Limited (NNPCL) has been in discussions with local refiners regarding the continuation of crude oil sales in naira. However, recent developments suggest that fuel prices may rise sharply if the issue remains unresolved.

Last Wednesday, the Dangote Refinery announced that it would stop accepting naira payments for crude oil from March 31 due to NNPCL’s failure to sell crude in the local currency. The decision has triggered panic buying across the country.

Speaking at a press conference on Tuesday, CCF President-General, Samuel Olakitan, warned that the NNPCL's policy shift could severely impact Nigeria’s economy.

The group urged President Bola Tinubu to intervene immediately, warning that a fuel price hike would worsen the financial struggles already faced by Nigerians.

According to the CCF, NNPCL’s decision forces local refineries to buy crude on the international market, which requires payments in U.S. dollars.

They cautioned that:

• Higher operational costs for domestic refiners will lead to higher fuel prices for consumers.

• Increased demand for foreign exchange by refiners could further weaken the naira, worsening economic hardship.

The crisis follows the failure of Monday’s meeting between the NNPCL and Dangote Refinery, where both parties were expected to review the status of the naira-for-crude agreement.

With March 31 fast approaching, pressure is mounting on the government to find a solution that will stabilize fuel prices and protect the economy.