Everything is ready for Dangote Refinery to start distributing Premium Motor Spirit (PMS) tomorrow, as announced by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
Edun made this announcement through Dr. Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), during a news conference in Abuja yesterday.
He said all agreements had been “completed and loading of the first batch of PMS from the Dangote Refinery will commence on Sunday, Sept. 15.”
He added:“From October 1, NNPC Ltd. will commence the supply of about 385kbpd of crude oil to the Dangote Refinery, to be paid for in Naira. In return, the Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market, to be paid in Naira.
“Diesel will be sold in Naira by the Dangote Refinery to any interested off-taker. PMS will only be sold to NNPC, NNPC will then sell to various marketers for now,” he said.
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Edun stated that all related regulatory costs, including those for NPA and NIMASA, will also be settled in Naira.
“We are also setting up a one-stop shop that will coordinate service provision from all regulatory, and security agencies, and other stakeholders to ensure a smooth implementation of this initiative. This will be located in Nigeria Ports Authority (NPA). Lagos.
“The technical committee that worked to flesh out this initiative will transition to an implementation execution and monitoring committee that will be working out of Lagos for the next three to six months,” he said.
Edun reminded that the Federal Executive Council (FEC), led by President Bola Tinubu, had approved the sale of crude oil to local refineries in Naira, along with the purchase of petroleum products in Naira.
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He explained that this initiative is designed to ease pressure on the Naira, cut down on unnecessary transaction costs, and enhance the availability of petroleum products within the country.
The minister also noted that the implementation committee, which he chairs, along with the technical committee, has worked diligently with NNPCL and Dangote Refinery to develop the detailed modalities for executing the FEC’s approval.
“We would sincerely like to thank President Tinubu for championing this novel initiative and assure him that he can count on us to implement his vision
“I will also like to thank everyone for the hardwork and patriotism exhibited over the last couple of weeks,” he said.
Edun chaired the presidential committee overseeing the sale of crude oil and refined products for domestic consumption.
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