The Nigeria Employers’ Consultative Association has commended the agreement between the Federal Government and Dangote Refineries on the sale of Premium Motor Spirit to Nigerian National Petroleum Corporation Limited.

It claimed that the development signifies the potential to put an end to the country's petrol shortage and relieve pressure on the demand for foreign money.

The historic price arrangement that resulted in the lifting of petrol from the Dangote refinery was praised by the association's Director-General, Adewale-Smatt Oyerinde.

Oyerinde said, “This singular event has the potential to change the perennial"

Crude-for-naira program to commence soon

The NECA DG stated that although the present pump price was much higher than anticipated due to the acquisition of crude oil denominated in dollars, it was anticipated that the start of the crude-for-naira program, which was decided upon for October 1, would result in a decrease in the price of petrol.

The NECA boss said, “This new direction would not only benefit the Government, it would also have a massive impact on the business community and the Nigerian populace in general.”

He added in a Punch report that the action will help small businesses with their energy needs and regulate fuel prices as well as shorten nationwide filling station lines.

In order to guarantee the initiative's smooth execution, Oyerinde also applauded the government's plan to establish a one-stop shop that would harmonize the interests of all parties, including law enforcement and security organizations.

He emphasized that a one-stop shop of this kind would be economical as well as expedite authorization for the lifting of refined products. He discovered a comparable issue in the local gas market, where domestic industries' gas prices were benchmarked in US dollars.

In the meantime, Oyerinde said that the manufacturing sector, in particular, had seen severe output setbacks due to restricted foreign exchange and naira volatility, which had made it challenging to get enough gas for manufacturing.

He pleaded for the Federal Government to act similarly and set a naira standard for gas prices in order to boost regional businesses, particularly the manufacturing sector.

A proposal by President Bola Tinubu instructing the Nigerian National Petroleum Company to sell crude oil to the Dangote refinery and other refineries in naira was approved by the Federal Executive Council on July 29.