The Federal Executive Council (FEC) has directed state oil firm NNPCL to engage Dangote refinery and other local refineries with a view to resolving the dispute over the sale of crude oil to them.
The FEC, presided over by President Bola Tinubu, also directed that such crude oil sales to the refineries be made in naira and that the refineries, located in Nigeria, should also sell their refined products to the Nigerian market in naira.
The FEC decisions, reported by Channels Television, aim to resolve the dispute between Dangote refinery and regulators.
Dangote accused regulators of failing to comply with Nigeria’s Petroleum Industry Act, which mandates local provision of crude oil to local refineries and discourages the import of refined petroleum products. The regulators, in turn, accused Dangote of seeking to be a monopoly.