Presidential Committee, Dangote Refinery Agree On Sept Petrol Deadline

At last, the Federal Government’s committee set up to ensure the implementation of crude oil sales to local refineries in naira has reached an agreement with the Dangote Refinery for the supply deadline of Premium Motor Spirit PMS, next month, September.

FG also disclosed that the sale of crude oil to Dangote Refinery and other local refineries will commence on October 1, 2024.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this during a meeting with the Implementation Committee on Monday in Abuja.

It was revealed in a post on the official X handle of the finance ministry, that the meeting was to review progress on key initiatives and key roles outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Upstream Petroleum Regulatory Commission, and the African Export-Import Bank to ensure smooth implementation.

In the post, “The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today led the Implementation Committee meeting on the transition to crude oil sales in naira.

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“The meeting reviewed progress on key initiatives, including the upcoming commencement of naira payments for crude oil sales to the Dangote Refinery starting October 1, 2024.”

“The first PMS delivery from Dangote is expected next month under existing agreements.”

“The ACF delegation, which visited the facility on July 30, 2024, was impressed by its sophisticated quality testing and control laboratories, which meet and surpass global industry standards.”

Recall that the Dangote Refinery had alleged sabotage and refusal to supply crude to it as reasons for its inability to meet the July 2024 petrol and diesel supply takeoff.

The allegation was made following the fire incident on a section of its ebullient plants.

Jide Pratt, Nigeria’s manager of Trade Grid, which supports a wide network of independent dealers across Africa, had said in June that the Dangote refinery is unlikely to meet the July deadline.

“The issue of crude supply is still a major issue, and postulations on how the premium motor spirit (PMS) will be sold in USD are unattended to,” Pratt said.

“A safe assumption may be August or September at best and December at worst.”

The Arewa Think Tank Chief Convener, Muhammad Yakubu, had said in June, following the fire outbreak in the Dangote Refinery, “Enemies of Nigeria are at work, those who don’t want Dangote and Tinubu to succeed, Nigeria and Nigerians will eventually triumph. The fire is happening a few days after the owner of the refinery, Aliko Dangote explained how International Oil Companies (IOC) are trying to frustrate him.”