NNPC Ltd to purchase petrol from Dangote Refinery and supply to other marketers
Dr Zacch Adedeji, the Chairman of the Technical Sub-Committee for the sale of crude oil to local refineries in Naira, has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) will commence lifting petrol from Dangote Refinery on Sunday. This announcement was made during a press briefing held in Abuja on Friday.
According to Adedeji, currently, petrol will only be sold to NNPC Ltd, and the company will subsequently distribute it to various marketers. The loading of the first batch of Premium Motor Spirit (PMS) from Dangote Refinery, as announced by NNPC, is scheduled to start on Sunday, September 15, 2024.
Starting from October 1st, NNPC will supply crude oil to Dangote Refinery, which will be paid for in naira. In return, the 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 to any interested off-taker.
While PMS will be exclusively sold to NNPC, they will then distribute it to various marketers. All associated regulatory costs, such as those incurred by the Nigerian Ports Authority (NPA), the Nigerian Maritime Administration and Safety Agency (NIMASA), the Federal Inland Revenue Service (FIRS), and other stakeholders, will also be paid in naira.
The Committee responsible for this transaction was inaugurated by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, a few weeks ago. Committee members include the Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, the Executive Chairman of FIRS, Dr Zacch Adedeji, representatives from NNPCL, CBN, Afrexim Bank, and NUPRC.
The commencement of petrol lifting from Dangote Refinery on Sunday had sparked controversy earlier today. However, the Chief Executive and Executive Secretary of MEMAN, Mr. Clement Isong, expressed optimism about the event, indicating ongoing discussions. On the other hand, the Group Chief Branding and Communications Officer of DIL, Anthony Chiejina, was uncertain if marketers would lift petrol from the refinery on Sunday.
Mr. Chinedu Ukadike, the National Public Relations Officer of IPMAN, also stated that they had not received any information regarding the commencement of petrol lifting by marketers from Sunday at the refinery. Ukadike suggested that Dangote should consider dealing with independent marketers who have a larger presence across the country.
Discover more from Tension News
Subscribe to get the latest posts sent to your email.