|
Listen to article
|
The Nigerian House of Representatives have on Thursday mandated Aliko Dangote, the owner Dangote Refinery, to openly publish the cost of selling petroleum from his refinery to NNPC Limited and other major marketers.
The lawmakers had also implored the NNPC to disclose the amounts the refinery is paying for crude oil.
This resolution followed a motion moved by Oboku Oforji on Thursday during plenary.
Read Also: FG Defends Their Ban On Under-18 Students Writing SSCE
The Eastern Updates had reported that there has been dispute between NNPC Limited and Dangote Refinery over the cost per litre of petrol from the refinery.
NNPC Limited has claimed to be buying petrol at N898/litre from Dangote, however, the refiner disputed the figure, stating that it is selling less than the amount.
To address challenges surrounding the distribution of its products, the lawmakers urged the management of Dangote Refinery to build, acquire or partner to get Tank Farms or depot across the geo-political zones in the country.
In the motion, Oforji commended the refinery for its impact on energy sovereignty of the country.
“Nigeria is driving towards energy self-sufficiency, cost and foreign exchange savings, meeting the increasing demand for fuels, attraction of foreign capital investment, generation of Forex through export of finished product,” he said.
To achieve sustainability, Oforji said Dangote Refinery should sell products directly to the independent marketers.
The motion was adopted unanimously by the lawmakers.
Recent reports have revealed that the naira has continued its depreciation streak against the dollar at the foreign exchange market on Wednesday.
FMDQ data showed that the naira fell further to ₦1667.42 against the dollar on Wednesday from ₦1658.48 exchanged on Tuesday.
This represents ₦8.94 drop.
Further analysis showed that in the last 48 hours, the naira has lost N104.76 against the dollar at the official foreign exchange market.
Similarly, at the black market, the naira slumped to ₦1705 per dollar on Thursday from the ₦1675 exchange rate recorded on Tuesday.
At the parallel market, the naira crossed the ₦1700 against the dollar mark for the first time in weeks.
The development comes as the latest 27.25 per cent interest hike by the Central Bank of Nigeria impacts the country’s economy.
