The Federal Government has commenced the sale of crude oil to local refineries and purchase of petroleum products using the Naira currency.
According to the Federal Ministry of Information and National Orientation, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this development in Abuja after the Technical Sub-Committee meeting on the sale of crude oil to local refineries in Naira.
“The Federal Government has successfully initiated the sale of crude to local refineries as well as corresponding purchase of petroleum products in Naira. This will help reduce pressure on the Naira, eliminate unnecessary transaction costs, and improve availability of petroleum products in the country,” Edun said.
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The Minister added that all agreements and modalities for the implementation of the Federal Executive Council (FEC) approval on the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira have been completed.
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The first batch of PMS from the Dangote Refinery will be loaded on September 15, and NNPC will commence the supply of about 385kbpd of crude oil to the Dangote Refinery, which will be paid for in Naira.
In return, the Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market, which will be paid for in Naira.
