The Presidential Committee on the Sale of Crude Oil and Refined Products announced that the Dangote Refinery will commence loading its first batch of petrol on September 15.
On Friday in Abuja, Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS) and a committee member announced that all necessary agreements have been finalized.
Starting October 1, the Nigerian National Petroleum Company Limited (NNPCL) will supply 385,000 barrels per day of crude oil to the Dangote Refinery, payable in Naira.
In exchange, the refinery will supply equivalent volumes of petrol and diesel to the domestic market, also payable in Naira.
The committee has agreed that Dangote Refinery will sell diesel in Naira to interested buyers.
Petrol will only be sold to NNPC, which will then distribute it to marketers.
Also, associated regulatory costs will be paid in Naira.
