Dangote fuel dispatche begins.
The FG has stated that the loading of the first batch of PMS from the Dangote Refinery will begin on Sunday, September 15th, by NNPC.
“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 15th September” – Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji revealed.
He also added that Nigeria has made Significant Progress Towards Energy Independence as Naira-based crude oil purchases begin.
In a significant effort to relieve pressure on the Naira, reduce unnecessary transaction costs, and improve petroleum product accessibility, the Federal Government has successfully begun selling crude oil to local refineries, as well as acquiring petroleum products in Naira.
Mr. Wale Edun, the Honourable Minister of Finance and Coordinating Minister of the Economy on Friday in Abuja, delivered this information shortly after the Technical Sub-Committee meeting centered on selling crude oil to local refineries in Naira.
The Minister of Finance, represented by Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), announced that all agreements and arrangements for carrying out the Federal Executive Council’s (FEC) approval for the sale of crude oil to local refineries in Naira, as well as the corresponding purchase of petroleum products in Naira, have been finalized.
He stated, “Recall that the FEC, led by Mr. President, approved the sale of crude to local refineries in Naira, as well as the purchase of petroleum products in Naira.”
“This approach would assist to decrease pressure on the Naira, minimize superfluous transaction expenses, and increase supply of petroleum products in the country.
The implementation committee, chaired by the Hon. Minister of Finance, and the technical committee have worked closely with NNPCL and Dangote Refinery to finalize the procedures for implementing the FEC decision.
“I am pleased to announce that all agreements have been completed, and loading of the first batch of PMS from the Dangote Refinery will begin on Sunday, September 15th.”
“NNPC will begin supplying around 385kbpd of crude oil to the Dangote Refinery starting October 1st, to be paid for in Naira.
In exchange, the Dangote Refinery will deliver PMS and diesel of equal value to the domestic market, to be paid for in Naira. “The Dangote Refinery will sell diesel in Naira to any interested offtaker.”
PMS will be sold only to NNPC, who would subsequently sell it to various marketers for the time being. All relevant regulatory costs (NPA, NIMASA, etc.) shall be paid in naira.
“We are also establishing a one-stop shop that will coordinate service provision from all regulatory authorities, security agencies, and other stakeholders to enable the smooth implementation of this project.
This would be situated in NPA, Lagos. “We appreciate everyone’s hard work and patriotism over the past few weeks. “We would sincerely like to thank Mr. President for championing this novel initiative and would like to assure Mr. President that he can count on us to implement his vision” , stated the Minister.
“This initiative marks a significant milestone in Nigeria’s journey towards energy self-sufficiency and economic growth.”
