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Dangote To Commence Loading Of PMS Tomorrow
Federal Government has initiated the sale of crude oil to local refineries and corresponding purchase of petroleum products in Naira.
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, disclosed this in his office in Abuja shortly after the Technical Sub-Committee meeting on the sale of crude oil to local refineries in Naira.
Represented by the Executive Chairman, Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, the Minister announced the completion of all agreements and modalities for the implementation of the Federal Executive Council (FEC) approval on the sale of crude to local refineries and corresponding purchase of petroleum products in Naira.
This initiative would help reduce pressure on the Naira, eliminate unnecessary transaction costs, and improve availability of petroleum products in the country.
With the agreements completed loading of the first batch of PMS from the Dangote Refinery will commence on Sunday 15th September while from the 1st October, NNPC will commence the supply of about Three Hundred and Eighty-five Thousand (385,000) Barrel per day of crude oil to the Dangote Refinery to be paid for in Naira.
In return, the Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market to be paid for in Naira.
