Financial Energy Review
……..by Ben Ndubuwa…,..
Nigerians can expect relief from the ongoing fuel scarcity as Dangote Refinery will begin the supply of premium motor spirit (PMS), commonly known as petrol, starting tomorrow, Sunday, September 15, 2024. This was announced by the Presidential Committee on the Sale of Crude Oil and Refined Product during a press briefing on Friday, monitored in Abuja.
Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS) and a member of the committee, confirmed that the initial batch of petrol would be supplied exclusively to the Nigerian National Petroleum Company Limited (NNPC Ltd), which will distribute the fuel to other oil marketers. The transactions will be conducted in Naira.
Adedeji further revealed that from October 1, 2024, NNPC Ltd would supply 385,000 barrels of crude oil per day to Dangote Refinery, with payment also made in Naira. While diesel (Automotive Gas Oil) will be available for any interested marketers, petrol will only be sold to NNPC Ltd initially.
Oil marketers are already preparing to lift petrol from the refinery, with some set to dispatch trucks as early as next week. Meanwhile, imported petrol is expected to arrive in Nigeria within 10 days, indicating a move towards a fully deregulated fuel market.
The Minister of State for Petroleum Resources, Heineken Lokpobiri, recently reiterated that the government would no longer regulate fuel prices, allowing the market to determine costs.
