The Presidential Committee on the Sale of Crude Oil and Refined Products has announced that the Dangote Refinery will sell Premium Motor Spirit (PMS), commonly known as petrol, exclusively to the state oil company, NNPCL.
Zacch Adedeji, a member of the committee and Chairman of the Federal Inland Revenue Service (FIRS), made this announcement in Abuja on Friday.
He also revealed that the loading of the first batch of petrol from the Dangote Refinery is set to begin on Sunday, September 15.
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He said, “I am glad to announce that all agreements have been put in place, and the loading of the first batch of PMS, as already announced by NNPC, will commence on Sunday, September 15, 2024. And from October 1, NNPC will commence the supply of crude oil to Dangote Refinery to be paid for in naira. In return, Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market to be paid for in naira.”
“But for now, PMS will only be sold to NNPC. NNPC will then sell to various marketers.”
Adedeji’s position was later confirmed by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, during a press conference in Abuja.
Edun also clarified that marketers interested in purchasing the product will need to buy it from the national oil company through its trading division.
This arrangement was part of the agreement with Dangote Refinery concerning the commercial terms for supplying crude oil to the refinery, as well as for the off-taking and distribution of petrol and diesel.
This new development contrasts with a statement made by NNPCL earlier this month, in which it claimed that it did not intend to be the sole distributor of petrol produced by the Dangote Refinery.
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