In a significant milestone towards achieving energy self-sufficiency, the Presidential Committee on the Sale of Crude Oil and Refined Products has announced that the loading of the first batch of petrol from the Dangote Refinery will commence on Sunday, September 15.
Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS) and a member of the committee, made the revelation during a press briefing in Abuja on Friday. Adedeji expressed his delight at the development, stating that all necessary agreements have been finalized.
The committee also resolved that diesel would be sold in Naira by the Dangote Refinery to interested off-takers, while PMS would be exclusively sold to Nigerian National Petroleum Company Limited (NNPCL). The national oil company would then distribute the product to various marketers.
“I am glad to announce that all agreements have been completed, and loading of the first batch of PMS from the Dangote Refinery will commence on Sunday, 15th September,” Adedeji said.
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As part of the agreement, the Nigerian National Petroleum Company Limited (NNPCL) will supply approximately 385,000 barrels per day (kbpd) of crude oil to the Dangote Refinery, effective October 1, with payments to be made in Naira. In return, the refinery will supply an equivalent value of Premium Motor Spirit (PMS) and diesel to the domestic market, also payable in Naira.
“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,” Adedeji explained.
“All associated regulatory costs will also be paid for in Naira,” Adedeji added.
This development marks a significant step towards reducing Nigeria’s reliance on imported petroleum products and bolstering the country’s energy security. The Dangote Refinery, with its capacity to refine 650,000 barrels per day, is poised to play a pivotal role in Nigeria’s quest for energy self-sufficiency.
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