The Federal Government has announced that the supply of petrol from the Dangote Refinery will begin on Sunday, September 15, 2024, following an agreement on pricing and supply between the refinery and the government. The Nigerian National Petroleum Company Limited (NNPC) will serve as the sole off-taker of petrol from the refinery, with other marketers sourcing the product through NNPC.
Speaking in Abuja on Friday, Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS) and a member of the Presidential Committee on the Sale of Crude Oil and Refined Products, confirmed the deal. He said, “All agreements have been completed, and loading of the first batch of PMS from the Dangote Refinery will commence on Sunday, September 15.”
In addition, Adedeji disclosed that from October 1, 2024, NNPC will start supplying 385,000 barrels of crude oil per day to the Dangote Refinery, with payments made in Naira. In return, the refinery will supply petrol (PMS) and diesel of equivalent value to the domestic market, also to be paid for in Naira.
Key Details of the Agreement:
- NNPC will be the exclusive buyer of PMS from Dangote Refinery and will distribute it to various marketers.
- Diesel from the refinery will be sold to any interested off-taker, while all regulatory costs associated with the products will be paid in Naira.
- The agreement aims to alleviate the country’s petrol shortages and sustain the government’s subsidy payments.
The move is expected to ease the ongoing fuel scarcity across Nigeria while ensuring a stable supply of petrol and diesel to the domestic market.
