The Federal Government has announced that the Nigerian National Petroleum Corporation Limited (NNPCL) will commence the supply of 385,000 barrels per day of crude oil to the Dangote Refinery from October 1, 2024.
The supply will be paid for in Naira, a move aimed at boosting the local currency.
According to Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS) and member of the Presidential Committee on the Sale of Crude Oil and Refined Product, the agreement with Dangote Refinery is a significant milestone in the country’s quest for self-sufficiency in fuel production.
Adedeji stated, “From October 1, NNPC will commence the supply of about 385kbpd of crude oil to the Dangote Refinery to be paid for in Naira.
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In return, the Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market to be paid for in Naira.”
The move is expected to reduce the country’s reliance on imported fuel and boost the local economy.
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However, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed concerns about the pricing of products from Dangote Refinery, stating that it may continue importing petrol into the country amidst uncertainties.
The first batch of petrol from the Dangote Refinery is expected to be loaded on September 15, marking a significant milestone in the country’s fuel production history.
