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Wednesday, October 23
A source close to the Technical Subcommittee on Domestic Sale of Crude Oil disclosed to The PUNCH that “more cargoes will be delivered to the Dangote refinery soon.” The refinery, which cost $20 billion, is preparing to begin selling refined petroleum products, including Premium Motor Spirit (PMS), directly to local marketers.
In response to the situation, President Bola Tinubu’s administration approved the sale of crude oil to local refineries in naira during a Federal Executive Council meeting, starting with the Dangote refinery.
So, we don’t know what will happen yet after the first six months.” This development comes after earlier challenges in securing crude oil supplies when the 650,000 barrels-per-day refinery first commenced operations.
The deliveries occurred over the past three weeks, marking the commencement of the crude sale to local refineries using the local currency.
The supply of crude under this arrangement is expected to ease petrol shortages and stabilize prices as the Dangote refinery ramps up production..
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