The Federal Government announced on Friday that Dangote Refinery will begin supplying petrol starting tomorrow, following a pricing and supply agreement. The Nigerian National Petroleum Corporation (NNPC) will be the exclusive off-taker of petrol from the refinery, while other marketers will receive their supplies from the NNPC.
Zacch Adedeji, Chairman of the Federal Inland Revenue Service and member of the Presidential Committee on the Sale of Crude Oil and Refined Products, disclosed that the NNPC will start supplying 385,000 barrels of crude oil per day to Dangote Refinery from October 1, 2024, with transactions conducted in Naira. In return, Dangote Refinery will provide petrol (PMS) and diesel of equivalent value to the domestic market, also paid for in Naira.
Adedeji added that while petrol will only be sold to the NNPC, diesel will be available to any off-taker, further stabilizing fuel availability in the country. This agreement is expected to alleviate the ongoing fuel shortages and maintain government subsidies on petrol.
Additionally, Dangote has reduced the prices of diesel and aviation fuel to ₦940 and ₦980, respectively.
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