FG, Dangote Refinery Agree New Date on Petrol Sale to Nigerians - Report

• The Federal Government and Dangote Refinery have reportedly agreed on a date for petrol sales to Nigerians
• The Dangote Refinery can refine 650,000 barrels of crude oil daily and is seen as a game changer.
• The agreement follows extensive discussions around crude oil sales in naira, which is expected to commence on October 1

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Federal Government and Dangote Refinery have reportedly agreed on the commencement date for selling locally refined petrol to Nigerians in September 2024.

Africa's richest man, Aliko Dangote, had earlier promised that the refinery would commence the sale of petrol from August 11, 2024.

However, this date was missed, just as it was in July 2024.

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FG gives important update on crude delivery, supply of Dangote’s petrol, Port Harcourt Refinery

Although an explanation has been given, efforts by Legit.ng to gain further insight have proven abortive.

A source at Dangote Refinery, who wished to remain anonymous, told Legit.ng

:Yes, we are working on it, but I think Nigerians should focus more on asking the government questions instead of focusing on Dangote Refinery's petrol rollout."

Another source confirmed that the delay is due to issues with crude oil supply, stating:

"I believe the delay is primarily due to crude oil supply."

FG promises crude oil sale in naira

Punch reports claimed that an agreement was reached following discussions around crude oil sales in naira, set to begin on October 1, 2024.

The report stated:

"The Federal Government’s committee which was set up to ensure the implementation of crude oil sales to local refineries in naira has reached an agreement with the Dangote Petroleum Refinery for the rollout of Premium Motor Spirit, popularly called petrol, in September this year.

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“The meeting reviewed progress on key initiatives, including the upcoming commencement of naira payments for crude oil sales to the Dangote Refinery starting October 1, 2024.”

Two refineries set to begin operation

Legit.ng earlier reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) had expressed optimism that the Dangote Refinery would begin selling petrol in Nigeria this August, as committed by Aliko Dangote, the chairman of the Dangote Group.

The association also anticipates that the assurance given by the group chief executive officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, regarding the Port Harcourt refinery becoming operational this month, would be honoured.

The chairman of IPMAN, NNPC Depot, Ore Western Zone, Shina Amoo, made this known recently.

Source: Legit.ng