The Presidential Committee on the Sale of Crude Oil and Refined Product has announced that the Dangote Refinery will begin loading its first batch of petrol on Sunday, September 15.
This announcement was confirmed by Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS) and a member of the committee, during a press briefing in Abuja on Friday.
Adedeji revealed that the Nigerian National Petroleum Company Limited (NNPCL) will supply approximately 385kbpd of crude oil to the Dangote Refinery starting from October 1, with payments to be made in Naira.
In return, the Dangote Refinery will supply an equivalent value of Petroleum Motor Spirit (PMS) and diesel to the domestic market, also payable in Naira.
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The committee’s deliberations have also established that the Dangote Refinery will sell diesel in Naira to interested off-takers, while PMS will be exclusively sold to NNPC. The NNPC will then distribute PMS to various marketers. All associated regulatory costs will also be paid in Naira.
It said:
“From 1 October, NNPC will commence the supply of about 385kbpd of crude oil to the Dangote Refinery to be paid for in Naira
“In return, the Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market to be paid for in Naira.
“Diesel will be sold in Naira by the Dangote Refinery to any interested off-taker. PMS will only be sold to NNPC, NNPC will then sell to various marketers for now. All associated regulatory costs will also be paid for in Naira.”
