The Presidential Committee on the Sale of Crude Oil and Refined Products has announced that the lifting of the first batch of Premium Motor Spirit (PMS) from the Dangote Refinery will begin on Sunday, September 15.
This development was disclosed by the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, who is also a member of the committee.
He made the announcement during a press briefing in Abuja on Friday, emphasizing the significance of the refinery’s long-anticipated contribution to Nigeria’s domestic fuel supply.
Adedeji confirmed that all agreements have been finalized, paving the way for the historic commencement of fuel loading from the refinery.
“I am glad to announce that all agreements have been completed, and the loading of the first batch of PMS from the Dangote Refinery will commence on Sunday, September 15,” he said.
According to the FIRS boss, the Nigerian National Petroleum Company Limited (NNPCL) will begin supplying approximately 385,000 barrels per day (bpd) of crude oil to the Dangote Refinery starting October 1.
This supply arrangement will be facilitated through payments made in Naira, marking a shift towards bolstering domestic transactions in the local currency.
In exchange, the Dangote Refinery is expected to deliver petrol and diesel of equal value to the domestic market, which will also be settled in Naira.
While the sale of diesel will be open to any interested off-takers, PMS will be exclusively sold to the NNPCL, which will subsequently distribute it to various marketers.
“From October 1, NNPC will commence the supply of about 385,000 barrels of crude oil per day to the Dangote Refinery, and this will be paid for in Naira. In return, the refinery will supply PMS and diesel of equivalent value, also paid for in Naira,” Adedeji explained.
He further highlighted that all associated regulatory costs involved in the process would be paid for in the local currency, reinforcing the government’s push for Naira-denominated transactions in the energy sector.
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