Recently, the Federal Government (FG) has made a controversial decision to suspend the sale of naira for crude oil to Dangote. This move has raised concerns among marketers in the oil industry, as they fear a potential price hike in crude oil, which would have knock-on effects for consumers.

The suspension of naira-for-crude transactions could lead to significant volatility in the oil market. Marketers are apprehensive that without this mechanism, the prices of crude oil may soar, impacting everything from fuel costs to the price of goods and services. As crude oil prices are a major component of national inflation, any hike could exacerbate economic challenges already faced by many Nigerians.

In response to this development, marketers are closely monitoring the situation and preparing for potential changes in market dynamics. Analysts suggest that the FG needs to provide clarity and direction to mitigate fears and stabilize prices throughout the distribution chain. For consumers and businesses alike, the implications of this suspension could mean adjusting to increased costs in the near future.