Nigeria‘s state-owned oil firm, NNPC, don begin dey sell crude oil to Dangote refinery using naira from October 1, as dem plan am. Dis new initiative aim to reduce pressure on naira and eliminate unnecessary transaction costs.
According to de plan, NNPC go supply about 385,000 barrels per day of crude oil to Dangote refinery, and Dangote go pay with naira. In return, Dangote refinery go supply petrol (PMS) and diesel of equivalent value to de domestic market, also in naira.
Dis arrangement also include say diesel go be sold in naira to any interested buyer, while PMS go be sold only to NNPC, who go sell am to various marketers. All associated regulatory costs, like NPA and NIMASA, go also be paid in naira.
Another development be say three modular refineries dey plan to start produce petrol soon, joining Dangote refinery to increase local petrol production and end petrol importation in Nigeria. However, these modular refineries still dey face serious crude supply challenges.
Between September 15 and 30, NNPC lift total of 102.9 million litres of petrol from Dangote refinery, though dem no meet de target of 400 million litres dem plan. Only 2,207 out of 3,621 trucks dispatched load petrol during dis period.
