Tuesday, February 18, 2025

Dangote Refinery To Supply Petrol To NNPC, Says FG

In a significant development, the Federal Government has announced that the Dangote Refinery will sell petrol exclusively to the Nigerian National Petroleum Company Limited (NNPC). This decision was made as part of the commercial terms agreed upon between the government and the refinery for the supply of crude oil and the off-taking and distribution of petrol and diesel.

The Minister of Finance, Wale Edun, revealed that interested marketers would need to purchase the product from NNPC through its trading company. This arrangement implies that the government will still have control over the pricing of petrol, as it will be based on the agreement between the government and the refinery.

The Dangote Refinery is set to commence the distribution of petrol to marketers on Sunday, starting with an initial 25 million liters per day. The refinery will also supply diesel to interested buyers in naira, and all associated regulatory costs will be paid in the local currency.

This development is expected to reduce pressure on the naira, eliminate unnecessary transaction costs, and improve the availability of petroleum products in the country.

The government’s decision to allow the sale of crude oil to local refineries in naira and purchase petrol from the refiners in the local currency is a significant step towards promoting economic growth and stability.

Hot this week

Tinubu Joins African Union Summit to Push for Reparatory Justice, Economic Development

President Bola Ahmed Tinubu arrived in Addis Ababa, Ethiopia,...

Nigeria Halts Implementation of 4% FOB Charge to Refine Customs Framework

The Nigerian government has suspended the implementation of a...

South Africa Weighs Nuclear Bids from Russia and Iran, Risking U.S. Fallout

South Africa is considering bids from Russia and Iran...

OPEC Chief Criticizes Net-Zero Targets, Calls for Balanced Energy Policies

The push for net-zero emissions by mid-century risks sidelining...

How Nigeria Spends ₦407 Billion on Fuel Imports in 12 Days

Nigeria's state-owned oil firm, the Nigerian National Petroleum Company...

Jimoh Moshood Appointed Lagos Police Chief Amid Rising Security Concerns

The Police Service Commission (PSC) has appointed Moshood Jimoh...

JAMB Warns Universities Against Fake A’Level Admissions, Threatens Sanctions

Nigeria’s Joint Admissions and Matriculation Board (JAMB) has issued...

South Africa Weighs Nuclear Bids from Russia and Iran, Risking U.S. Fallout

South Africa is considering bids from Russia and Iran...

NDLEA Cracks Down on Trans-Border Drug Cartel, Seizes 190,960 Tramadol Pills

Nigeria’s anti-drug agency has dismantled a major trans-border drug...

WAEC 2024 Results: 67.55% of Private Candidates Secure Five Credits or More

The West African Examinations Council (WAEC) has released the...

Tinubu Blocks AU Proposal to Split Political Affairs and Security Department

President Bola Tinubu has rejected a proposal to divide...

Dangote Group to Invest $400M in Ethiopia Cement Expansion Amid Market Growth

Africa’s richest man, Aliko Dangote, is doubling down on...

Djibouti’s Youssouf Secures AU Commission Chair, Pledges Security and Unity

Djibouti’s Foreign Minister, Mahmoud Ali Youssouf, has emerged as...

Related Articles

Popular Categories