Nigeria’s federal government has finally reached an agreement with the management of Dangote Refinery on the commercial terms for the supply of crude oil to the refinery and the off-taking and distribution of petrol and diesel from the facility.
Following the agreement, the government has announced that the distribution of petrol from the 650,000 barrels per day Lagos-Lekki Free Zone-based facility would commence on Sunday with an initial 25 million litres per day.
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacceus Adedeji, who represented the Minister of Finance and Chairman of the Presidential Committee on the Sale of Crude Oil and Refined Products for Domestic Consumption in Naira, Wale Edun, disclosed this during the committee’s briefing on Friday in Abuja.
As part of the resolution, Adedeji said the Nigerian National Petroleum Company Limited (NNPC) would be the sole off-taker of petrol from Dangote Refinery while diesel from the facility would be sold directly to any interested marketer.
While crude supplied to Dangote Refinery would be paid in naira, he added that both petrol and diesel from the $20 billion refinery as well as all costs associated with the transactions would also be paid in the local currency.
Adedeji stated, “Supply of petrol exclusively to the Nigerian National Petroleum Company Limited NNPC while other refined products will be available to all marketers. This decision follows a briefing of the Presidential Committee on the sales of crude oil and refined products for domestic consumption in naira.
“I’m glad to announce that all agreements have been put in place and the loading of the first batch of PMS as already announced by NNPC will commence on Sunday, 15th September 2024. And from 1st of October, NNPC will commence the supply of crude oil to Dangote Refinery to be paid for in naira. In return, 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 Dangote Refinery to any interested off-taker. PMS will only be sold to NNPC. NNPC will then sell to various marketers for now. All associated regulatory costs -NPA, NIMASA, Federal Inland Revenue and all other Regulatory of fee that are associated with this transaction will be paid in naira.
“The technical committee that worked to flesh out this initiative, I mean this committee will transition to an implementation, Execution and Monitoring Committee that will be working out of the Lagos for the next three to six months.”
Peter Uzoho
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