The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Dangote Oil Refinery and Petrochemicals will sell Premium Motor Spirit (PMS), fondly called petrol, to only the Nigerian National Petroleum Company Limited (NNPCL).

Edun made this known at a press conference in Abuja on Friday, September 13, 2024.

The minister, who was represented by the Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, added that the NNPCL will commence the supply of crude oil to the Dangote refinery on October 1.

He said: “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, September 15.

“From October 1, NNPCL 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 in naira.

“Diesel will be sold in Naira by the Dangote refinery to any interested off-taker. PMS will only be sold to NNPCL, NNPCL will then sell to various marketers for now.”

Minister: Dangote refinery begins petrol distribution Sunday

Edun noted that all associated regulatory costs (NPA and NIMASA, among others) would also be paid for in naira.

He added: “We are also setting up a one-stop shop that will coordinate service provision from all regulatory, and security agencies, and other stakeholders to ensure a smooth implementation of this initiative. This will be located in the Nigeria Ports Authority (NPA). Lagos.

“The technical committee that worked to flesh out this initiative will transition to an implementation execution and monitoring committee that will be working out of Lagos for the next three to six months.”

Edun chaired the presidential committee on the sales of crude oil and refined products for domestic consumption in naira.

The Star