The Nigerian government announced that the first batch of petrol from the Dangote Refinery will start loading on Sunday, 15 September 2024. This petrol will be sold exclusively to the Nigerian National Petroleum Company Limited (NNPC Ltd), which will distribute it to various marketers in the short term.
The announcement was made through a statement shared on X (formerly Twitter) by Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this after a meeting of the technical sub-committee on the sale of crude oil to local refineries in naira.
Edun, represented by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, stated that all agreements and modalities had been finalized for the Federal Executive Council’s approval of the sale of crude to refineries in naira. He added that the NNPC will supply about 385,000 barrels per day (bpd) of crude oil to the Dangote Refinery, with payment made in naira, beginning on 1st October 2024. In return, the refinery will supply Premium Motor Spirit (PMS) and diesel to the domestic market, with PMS exclusively sold to NNPC for further distribution.
The statement also noted that associated regulatory costs will be paid in naira, and a one-stop shop will be set up at the Nigerian Ports Authority (NPA) in Lagos to coordinate services from regulatory and security agencies for smooth implementation.
