Dangote Refinery Set to Begin PMS Distribution on Sunday – Minister Wale Edun
By Nana Musa-Umar
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has announced that the Dangote Refinery will commence the distribution of Premium Motor Spirit (PMS) on Sunday.
Speaking at a news conference in Abuja on Friday, Edun, represented by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, confirmed that all agreements had been finalized for the loading of the first batch of PMS from the Dangote Refinery, set to begin on Sunday, Sept. 15.
“From October 1, NNPC Ltd. will begin supplying about 385,000 barrels per day (bpd) of crude oil to the Dangote Refinery, with payments made in Naira. In return, the refinery will provide PMS and diesel of equivalent value for the domestic market, also paid for in Naira,” he stated.
Edun explained that while diesel will be sold in Naira to any interested off-taker, PMS will initially be sold only to NNPC, which will then distribute it to various marketers.
He further clarified that all associated regulatory costs, including those from the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA), will also be settled in Naira.
“We are establishing a one-stop shop to coordinate service provision from regulatory and security agencies, as well as other stakeholders, to ensure smooth implementation. This will be located at the Nigeria Ports Authority (NPA) in Lagos,” Edun added.
The technical committee that developed this initiative will now transition into an execution and monitoring committee, operating from Lagos for the next three to six months.
Recalling the Federal Executive Council (FEC) decision under President Bola Tinubu’s leadership, Edun noted that the council had approved the sale of crude oil to local refineries in Naira and the corresponding purchase of refined petroleum products in Naira.
This initiative, he explained, aims to reduce pressure on the Naira, eliminate unnecessary transaction costs, and enhance the availability of petroleum products in the country.
The minister expressed gratitude to President Tinubu for spearheading the initiative and assured him of the team’s commitment to implementing his vision.
Edun also thanked all involved for their hard work and patriotism in the past weeks.
The News Agency of Nigeria (NAN) reports that Edun chaired the presidential committee on the sales of crude oil and refined products for domestic consumption in Naira. (NAN)
