Dangote Petrol Now Expected To Reach Nigeria Fuel Stations In September

The Federal Government has finalized a landmark agreement with Dangote Petroleum Refinery, paving the way for the distribution of petrol from September 2024.

Besides the agreement on petrol supply and in a move aimed at strengthening the domestic economy, the government also announced plans to commence the sale of crude oil to Dangote and other local refineries in naira, starting October 1, 2024.

These critical decisions were made during a high-level meeting led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. The meeting, which brought together key stakeholders, focused on reviewing the progress of various initiatives essential for the smooth implementation of these policies.

One of the major highlights of the meeting was the expected boost in production from the Port Harcourt and Dangote Refineries, with significant increases anticipated by November 2024.

The Ministry of Finance shared updates on the meeting via its official Twitter handle, stating:

“The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today led the Implementation Committee meeting on the transition to crude oil sales in naira. 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.”

Additionally, Dr. Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Technical Sub-Committee, confirmed that the first delivery of PMS from the Dangote Refinery is expected in September 2024 under existing agreements.

These developments mark a significant shift in Nigeria’s oil and gas sector, with the government aiming to bolster local refinery capacity while promoting the use of the naira in international trade. The public and industry experts alike will be closely watching the implementation of these strategies in the coming months.
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