The supply of crude in Naira by the Nigerian National Petroleum Company Limited to the Dangote Refinery is to commence from Tuesday, October 2024 to reduce the cost of Premium Motor Spirit(Petrol).
Breaking the cheering news in a confirmatory statement on Sunday, Dare Adekanmbi, the spokesperson to the Chairman of the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency, Zacch Adedeji and the Chairman of the Federal Inland Revenue Service, pointed out that the Federal Government knows how important it is to have the agreement implemented for the benefit of Nigerians.
According to him “I can confirm to you that the Chairman, Sub-Technical Committee, Zacch Adedeji, is working day and night to ensure that things go according to plans. He knows how important it is to have the agreement implemented as has been planned for the benefit of Nigerians.”
The Federal Executive Council under the leadership of President Bola Tinubu had on September 13, through the committee announced the approval of the sale of crude to local refineries in naira and the corresponding purchase of petroleum products in naira to begin from October 1, 2024.
The Committee in the statement noted, “From October 1, NNPC will commence the supply of about 385kbpd (385,000 barrels per day) of crude oil to the Dangote refinery to be paid in naira.”
This means that NNPC is set to supply about 11.5 million barrels of crude oil to the Dangote refinery monthly, and based on the deal, the plant will release equivalent volumes of refined diesel and petrol to the domestic market also in naira.
Meanwhile, the Publicity Secretary of the Crude Oil Refinery-owners Association of Nigeria, Eche Idoko, on Sunday solicited that the Naira for crude deal be extended to other modular refineries in the country and not only Dangote Refinery.
Economists and Petroleum Marketers have however assured that when crude oil is sold to Dangote Refinery and other refineries in Naira, the price of petrol will drop.
Recall, Dangote Refinery had asked Nigerians to wait on the Adedeji-led committee to reveal the price of its product upon commencement of crude sale in the Naira deal.
