Business
NNPCL agrees to sell crude oil to Dangote refinery in Naira
The Nigerian National Petroleum Company Limited (NNPCL) has finalized an agreement to sell crude oil to Dangote Petroleum Refinery in Naira, according to a statement from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Tuesday.
The NMDPRA confirmed the deal through its official X (formerly Twitter) handle, @NMDPRA_Official. The agreement marks a significant shift towards local currency transactions in Nigeria’s oil sector.
Under this arrangement, Dangote Refinery is set to begin supplying 25 million litres per day of Premium Motor Spirit (PMS) to the domestic market starting September 2024.
The refinery plans to increase this volume to 30 million litres per day from October.
This development is expected to enhance local fuel supply and reduce the reliance on foreign currency for crude oil transactions.
