The Nigerian government has announced that the supply of petrol from Dangote Refinery, Lagos, will begin on September 15, following an agreement reached on pricing and supply terms.

The development was disclosed on Friday by Zacch Adedeji, the Chairman of the Federal Inland Revenue Service and member of the Presidential Committee on the Sale of Crude Oil and Refined Products.

According to Adedeji, the Nigerian National Petroleum Company Limited (NNPCL) will serve as the sole off-taker of petrol from the Dangote Refinery, with other marketers sourcing the product from the national oil company.

The NNPCL will also commence the supply of 385,000 barrels of crude oil per day to the refinery from October 1, 2024, with payment made in Naira.“All agreements have been finalized, and loading of the first batch of Premium Motor Spirit (PMS) from the Dangote Refinery will start on Sunday, September 15,” Adedeji said while speaking in Abuja.

He explained that the Dangote Refinery will, in exchange, supply petrol (PMS) and diesel of equivalent value to the domestic market, with payments made in Naira.

He further stated that the committee reached additional decisions, including the sale of diesel in Naira by Dangote Refinery to any interested buyer, while PMS will be sold exclusively to the Nigerian National Petroleum Corporation (NNPC).”Starting from October 1, NNPC will begin supplying approximately 385,000 barrels per day (bpd) of crude oil to the Dangote Refinery, with payments made in Naira.
“In return, the refinery will provide PMS and diesel of equivalent value to the domestic market, also paid for in Naira.
“Dangote Refinery will sell diesel to any interested buyer in Naira, while PMS will be sold only to NNPC, which will then distribute it to other marketers. All related regulatory costs will also be paid in Naira,” he added.