Nigerian Midstream and Downstream Petroleum Regulatory Authority has disclosed that Dangote refinery will supply 25 million litres of fuel daily throughout September.
NMDPRA announced this following the commencement of petrol production by Dangote refinery.
The Agency also finalised an agreement with the Nigerian National Petroleum Corporation Limited to sell crude oil to Dangote refinery in Naira.
The development is in line with the recent approval by the Federal Executive Council to sell crude oil to Dangote refinery in Naira as well as purchase petrol products from the refinery in the local currency.
The Agency said, “At the NMDPRA headquarters in Abuja, NNPCL reach an agreement to commence crude oil sale and supply to Dangote Refinery in local currency.
“The refinery is now poised to supply an initial 25 million litres of PMS into the domestic market this September. And will subsequently increase this amount to 30 million liters daily from October 2024.”
CEO of Dangote Refinery, Aliko Dangote, said in another statement that the deal to sell crude oil to his refinery in naira by President Bola Tinubu-led administration will reduce pressure on foreign exchange by at least 40%.
The business mogul expressed gratitude to President Bola Tinubu and his administration for coming up with such strategy.
Dangote said, “I want to personally also thank Mr. President for creating this idea of Naira for Crude and also Naira for the product. This will give a lot of stability for the Naira because you remove 40% of the demand of the dollars in the market. That’s not only it.
“Today’s discussion is only to thank God almighty for bringing us into this period of now producing gasoline. I know that a lot of people think we won’t be able to deliver. But we’ve been able to deliver.”
