Aliko Dangote, CEO of Dangote Refinery, expressed deep gratitude to President Bola Tinubu and his administration for permitting naira commerce.
SEATTLE (Oil Monster): The Nigerian National Petroleum Corporation (NNPC) Limited stated that it has reached an agreement with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for crude sales to the Dangote refinery in local currency. This follows the recent approval by the federal executive council (FEC) to allow Naira-based sales and purchases of refinery products.
RELATED NEWS:
Dangote Refinery Sought NUPRC Intervention in Non-Supply of Crude by IOCs
NNPC Generated N12.02 Trillion from Domestic Crude Oil Sales in 2023
According to an NMDPRA statement, the Dangote refinery is on track to supply an initial 25 million liters per day of Premium Motor Spirits (PMS) to the market this month. The supply volume will increase significantly to 30 million litres per day beginning in October of this year. The refinery will sell petrol in Naira from October 1, 2024. The present distribution of gasoline from the refinery is priced in USD.
Aliko Dangote, CEO of Dangote Refinery, expressed deep gratitude to President Bola Tinubu and his administration for permitting naira commerce. He noted that the decision will lessen foreign exchange pressure by at least 40% while also providing significant stability to the local currency.
According to estimations, Dangote refinery requires a minimum of 15 cargoes per year. The NNPC will agree to supply at least four cargoes.
United States Crude Oil Prices | |||
---|---|---|---|
COMMODITY | PRICE | CHANGE | |
Alabama Heavy Asphaltic Sour | 52.56 | -3.38 | |
Alabama Light Sour | 58.40 | -3.75 | |
Alabama Light Sour Womack Hill Type | 55.28 | +5.30 | |
Alabama Light Sweet | 63.40 | -3.75 | |
Alabama/ Florida Panhandle | 66.92 | +3.60 |
Plastic Keychain Magnet
Keychain Magnets as gift items to promote your Scrap Metal Recycling business!. Letters and numbers can be imprinted. Available Colors: Red, Blue and Green
$2.59
Scrap Metal Test Magnet 10 lb N52 Neodymium Rare Earth
Retrieval and Metal Testing Magnet. Contains The Most Powerful Grade of Neodymium Rare Earth Magnet (N52). Case Material: Aluminum
$9.99