The Federal Government and Dangote Refinery have reached an agreement on petrol supply, pricing, and lifting, which will commence on Sunday, September 15, 2024. The agreement was announced by Zacch Adedeji, Chairman of the Federal Inland Revenue Service and member of the Presidential Committee on the Sale of Crude Oil and Refined Products.
Key Highlights of the Agreement:
• NNPC will remain the sole off-taker of petrol from the refinery, with other marketers getting the product from NNPC.
• Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market, 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, which will then sell to various marketers.
• All associated regulatory costs will be paid for in Naira.
“All agreements have been completed and loading of the first batch of PMS from the Dangote Refinery will commence on Sunday 15th September” according to Zacch Adedeji.
Additional Developments:
• Dangote Refinery has crashed diesel and aviation fuel prices to N940 and N980, respectively.
• The agreement is expected to ease the acute shortage of petrol across the country and allow the government to continue paying subsidies on the product.
• From October 1, NNPC will commence the supply of about 385,000 barrels of crude oil to Dangote Refinery, paid for in Naira.
