Dangote refinery petrol deliveries to begin Sunday, NNPC sole buyer – FG

Edun, who was represented by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedejisaid this at a press conference in Abuja on Friday.

“I am pleased to report that all agreements have been finalised and the loading of the first consignment of PMS from the Dangote Refinery will commence on Sunday 15 September.

“From October 1, NNPC Ltd. will commence delivery of approximately 385 kbpd of crude oil to the Dangote Refinery, payable in naira. In return, the Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market, payable in naira.

“Diesel will be sold in naira by the Dangote Refinery to any interested buyer. PMS will only be sold to NNPC, NNPC will then sell to various marketers for the time being,“he said.

Edun said all associated regulatory costs (NPA, NIMASA, etc.) would also be paid in naira.

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

“The technical committee that has been working on the elaboration of this initiative will transition into an implementation and monitoring committee that will work from Lagos for the next three to six months,” he said.

Edun recalled that the Federal Executive Council (FEC), headed by Chairman Bola Tinubuapproved the sale of crude oil to local refineries in naira and the corresponding purchase of petroleum products in naira.

He said the initiative would help reduce pressure on the naira, eliminate unnecessary transaction costs and improve the availability of petroleum products in the country.

The Minister said the Implementation Committee under his chairmanship and the other technical committee had worked intensively with NNPCL and Dangote Refinery to work out the details of the modalities for the implementation of the FEC approval.

“We would like to sincerely thank President Tinubu for supporting this new initiative and assure him that he can count on us to implement his vision.

“I would also like to thank everyone for the hard work and patriotism shown over the past few weeks,” he said.

The News Agency of Nigeria (NAN) reports that Edun was chairman of the presidential committee responsible for the sale of crude oil and refined products for domestic use in naira.