The Nigerian National Petroleum Company Limited (NNPCL) has entered into an agreement with the Dangote Petroleum Refinery to sell crude oil in Nigerian Naira.
This confirmation was provided by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Tuesday via its X handle, @NMDPRA_Official.
According to the statement by NMDPRA, the NNPCL has agreed to commence the sale and supply of crude oil to the Dangote Refinery using local currency.
The agency also revealed that the refinery is dedicated to providing an initial supply of 25 million liters per day of Premium Motor Spirit (PMS) to the domestic market starting in September 2024. Additionally, the refinery intends to raise this volume to 30 million liters per day in October.
“The refinery is now poised to supply an initial 25 million litres of PMS into the domestic market this September. And will subsequently increase this amount to 30 million liters daily from October 2024,” it stated.
This article was written by Tamaraebiju Jide, a student at Elizade University
