The Federal Government has reached an agreement with Dangote refinery, saying the delivery of gasoline from the Refinery will start on Saturday.
Other marketers will continue to purchase gasoline from the national oil firm, with NNPC serving as the exclusive off-taker from the refinery.
Speaking in Abuja, Zacch Adedeji, Chairman of the Federal Inland Revenue Service and member of the Presidential Committee on the Sale of Crude Oil and Refined Products, promised that NNPC Limited will start supplying Dangote Refinery with 385,000 barrels of crude oil on October 1, 2024, in exchange.
“All agreements have been fulfilled, and loading of the first batch of PMS from the Dangote Refinery will commence on Sunday 15th September”, declared Adedeji.
He said that Dangote Refinery will supply PMS and fuel to the domestic market of equal value in exchange, with payments made in Naira.
He stated that the committee had also decided that PMS would only be sold to NNPC and that Diesel in Naira would be sold by the Dangote Refinery to any interested offtaker.
“NNPC will start providing the Dangote Refinery with approximately 385kbpd of crude oil on October 1st, with payment made in Naira.” “In exchange, the Dangote Refinery will provide fuel and PMS to the domestic market of equal value, to be paid for in Naira.
“The Dangote Refinery will sell diesel to any interested off-taker in Naira.” PMS will only be sold to NNPC; for the time being, NNPC will sell to different marketers. He continued, “All related regulatory expenses will likewise be covered in Naira.”
The arrangement is anticipated to both ease the severe nationwide gasoline scarcity and enable the government to keep providing product subsidies.
The first batch of gasoline from the Dangote Refinery will be loaded on Sunday, September 15, according to the Presidential Committee on the Sale of Crude Oil and Refined Products.
Written by Jennifer Amarachi
