The Nigerian National Petroleum Company Limited (NNPC) has informed the Nigerian Upstream and Downstream Petroleum Regulatory Authority (NMDPRA) of its plan to cease the importation of petroleum products from October 2024, provided that local prices are competitive.
This decision coincides with the commencement of crude oil supplies to the Dangote Refinery, where NNPC will deliver 385,000 barrels per day, paid for in naira.
Under this arrangement, the refinery will supply petrol and diesel of equivalent value to the domestic market, with diesel being available to any interested buyers and petrol exclusively distributed through NNPC to oil marketers.
The NMDPRA is expected to revalidate production figures, projecting that the refinery will produce 389.16 million litres of petrol in September and steadily increasing volumes in subsequent months.
In line with this, the Federal Inland Revenue Service (FIRS) announced that NNPC would begin lifting 25 million litres of petrol daily from the Dangote Refinery starting September 15.
Both crude oil payments to the refinery and subsequent petrol and diesel sales will be transacted in naira.
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