The Presidential Committee on the Sale of Crude Oil and Refined Product has announced that sale petroleum products to local refineries from the Dangote Refinery will be in Naira.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this on Friday in Abuja shortly after the Technical Sub-Committee meeting
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Executive Chairman, Federal Inland Revenue Service (FIRS), Zacch Adedeji, representing the Minister, announced the completion of all agreements and modalities for the implementation of the Federal Executive Council (FEC) approval on the sale and corresponding purchase of petroleum products
The loading of the first batch of petrol from the Dangote Refinery, he said, will commence on Sunday, September 15.
Under the leadership of President Bola Ahmed Tinubu, FEC had approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira
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The initiative to sell and purchase in naira is to reduce pressure on the Naira, eliminate unnecessary transaction costs, and improve availability of petroleum products in the country.
Adedeji said: “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
From 1st October, NNPC 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 for in Naira
Diesel will be sold in Naira by the Dangote Refinery to any interested offtaker. PMS will only be sold to NNPC, NNPC will then sell to various marketers for now.
“All associated regulatory costs (NPA, NIMASA, etc.) will also be paid for in Naira.
“We are also setting up a one-stop shop that will coordinate service provision from all regulatory agencies, security agencies, and other stakeholders to ensure a smooth implementation of this initiative. This will be located in NPA, Lagos.”
He further appreciated the Committee for the hard work and patriotism exhibited and commended Tinubu “for championing this novel initiative and would like to assure Mr. President that he can count on us to implement his vision.”
