Adedeji confirmed that the first batch of petrol from the Dangote Refinery would begin loading on Sunday, September 15, 2024.
Abuja, Nigeria – The Nigerian National Petroleum Company Limited (NNPCL), the Presidential Committee on the Sale of Crude Oil and Refined Products has announced that the Dangote Refinery will exclusively sell Premium Motor Spirit (PMS), commonly known as petrol, to the NNPCL.
This development was revealed by Zacch Adedeji, a member of the committee and Chairman of the Federal Inland Revenue Service (FIRS), during an announcement in Abuja on Friday.
Adedeji confirmed that the first batch of petrol from the Dangote Refinery would begin loading on Sunday, September 15, 2024.
“All agreements have been finalized, and the loading of the first batch of PMS, as announced by NNPC, will start on Sunday. From October 1, NNPC will commence the supply of crude oil to Dangote Refinery, with payments made in naira. In return, Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market, also paid for in naira,” Adedeji said.
However, Adedeji clarified that, for now, PMS will only be sold to the NNPCL, which will then handle distribution to various marketers. This was further confirmed by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, during a press conference in Abuja.
Edun noted that marketers interested in purchasing PMS would have to do so through the NNPCL’s trading company.
This exclusive arrangement is part of the commercial terms agreed upon between the Dangote Refinery and the NNPCL for the supply of crude oil and the off-take of refined petrol and diesel.
The announcement contradicts a previous statement by the NNPCL earlier in the month, which had indicated that the company did not plan to be the sole distributor of petrol produced by the Dangote Refinery.
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