Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 23rd July 2024

In an interview with journalists in Port Harcourt, the capital of Rivers State, Farouk was alleged to have made a statement regarding the quality of diesel produced by certain local refineries, which he described as inferior to imported diesel, a statement that has caused distress among local refiners.

So much so that he even ridicules his own agency’s processes when he refers to the petroleum products produced by refineries that his agency closely regulates as inferior, thereby undermining the country’s health and safety procedures.

Several operators of local refineries have expressed dissatisfaction with the recent announcement by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), indicating that the Federal Government intends to persist with fuel imports, suggesting a stance against the local refining sector.

In response to the regulatory stance, the Indigenous crude oil refiners have declared that the government’s position appears to favour imported fuels over local production..

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