The Nigerian government will hold a meeting on Monday to discuss the future of its Naira-for-crude agreement with Dangote Refinery. This comes after Dangote Refinery recently stopped selling petroleum products in Naira, raising concerns about fuel prices.

According to sources in the Ministries of Petroleum Resources and Finance, the meeting will address crude oil supply issues. The Nigerian National Petroleum Company Limited (NNPCL) is reportedly facing a shortage because it has already sold a large amount of crude to foreign creditors under crude-backed loans.

Although there are challenges, officials say the Naira-for-crude deal might not be canceled. Instead, the government is looking for ways to keep the agreement going.

The Nigeria Upstream Petroleum Regulatory Commission has been asked to come up with possible solutions, which will be reviewed at the meeting.

The meeting will include key government officials and stakeholders, such as:

• The Minister of Finance and Coordinating Minister of the Economy, Wale Edun
• The Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji
• The Chief Financial Officer of NNPCL
• Representatives from the Nigerian Midstream and Downstream Petroleum Regulatory Authority

Oil marketers are closely watching the situation. The National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, said that fuel retailers are preparing for any changes and may seek alternative fuel sources if needed.

Meanwhile, the President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, urged the government to resolve the issue quickly to stabilize fuel prices.

The government’s decision on Monday could impact fuel prices and supply in the country. Nigerians will be watching closely as the discussion unfolds.