The loading of Premium Motor Spirit (petrol) from Dangote Refinery for local consumption will commence on Sunday, September 15.
The Presidential Committee on the Sale of Crude Oil and Refined Products announced this at the end of its meeting in Abuja on Friday night.
The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed the outcome of the meeting.
He also disclosed that the Nigerian National Petroleum Company Limited (NNPCL) would supply 385 kbpd of crude oil to the refinery as of October 1. It would be paid for in Naira.
The committee headed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, also agreed that Dangote Refinery would sell petrol to only NNPCL, while any other marketer could buy diesel to also be sold in Naira.
The committee decided to eliminate all unnecessary costs in a bid to reduce the costs of the products.
Adedeji said, “Recall that the FEC, under the leadership of Mr. President, approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira.
“This initiative will help reduce pressure on the naira, eliminate unnecessary transaction costs, and improve availability of petroleum products in the country.
“Since then, the implementation committee chaired by the Hon. Minister of Finance and the technical committee have worked intensely with NNPCL and Dangote Refinery to fashion out the details of the modalities for the implementation of the FEC approval.
“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.
“From 1st October, NNPC will commence the supply of about 385 kbpd 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 offtaker. PMS will only be sold to NNPC, NNPC will then sell to various marketers for now.
“All associated regulatory costs (NPA, NIMASA, etc.) will also be paid for in Naira.
“We are also setting up a one-stop shop that will coordinate service provision from all regulatory agencies, security agencies, and other stakeholders to ensure a smooth implementation of this initiative. This will be located in NPA, Lagos.
“We would sincerely like to thank Mr. President for championing this novel initiative and would like to assure Mr. President that he can count on us to implement his vision.”
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