A significant reduction in petrol prices is anticipated in Nigeria following the confirmation of a deal between the Federal Government and Dangote Petroleum Refinery.
Recall that in early September, the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency announced that the Nigerian National Petroleum Company Limited (NNPC) will supply 385,000 barrels of crude oil per day to Dangote Refinery, valued in naira, starting October 1, 2024.
This initiative aims to alleviate pressure on the naira, eliminate unnecessary transaction costs, and enhance the availability of petroleum products nationwide.
The Dangote Refinery will supply equivalent volumes of refined diesel and petrol to the domestic market, also valued in naira. Diesel will be sold to interested buyers, while petrol will be sold exclusively to NNPC, which will then distribute it to various marketers.
The technical committee, chaired by Zacch Adedeji, has been working closely with NNPC and Dangote Refinery to finalize implementation details. The committee will transition to an implementation execution and monitoring committee, operating from Lagos for the next three to six months.
“I can confirm to you that the Chairman, Sub-Technical Committee, Zacch Adedeji, is working day and night to ensure that things go according to plans. He knows how important it is to have the agreement implemented as has been planned for the benefit of Nigerians,” Mr Dare Adekanmbi, the Special Adviser on Media to the FIRS Chairman, Zacch Adedeji confirmed recently.
Nigerians currently purchase fuel between N950 and N1,100 per liter, following NNPC’s announcement of fresh prices after the launch of Dangote Petrol on September 15, 2024. However, Dangote Refinery disputed the N898 per liter price announced by NNPC.
Aliko Dangote, President of Dangote Group, assured that his petrol is cheaper than imported alternatives, without disclosing the price.
The House of Representatives has since mandated Dangote Refinery to reveal its petrol price, but the information remains undisclosed.
WhatsApp Community
SUBSCRIBE TO OUR NEWSLETTER NOW
Support MATAZ ARISING’ journalism of integrity and credibility.
Good journalism ensure the possibility of a good society, an accountable democracy, and a transparent government.
We ask you to consider making a modest support to this noble endeavour.
TEXT AD: To advertise here – Email ad@matazarising.com
-
NYSC: Deployment to states’ll be guided by risk assessment — TINUBU
MaTaZ ArIsInGDallas, Texas By Johnbosco Agbakwuru ABUJA— PRESIDENT Bola Tinubu has said as part of the reform of the National Youth Service Corps, NYSC, corps members would now be deployed to security-challenged states, guided by risk assessment. He also reiterated that the scheme would be led by a civilian director-general and not military personnel as it…
-
Presidency exposes alleged fake Presidential Council
MaTaZ ArIsInGDallas, Texas …Says police charged Self-styled DG with forgery The Presidency on Wednesday dismissed renewed claims by Adeyemi Adeniyi Matthew that he was appointed to head a presidential agency, insisting he is an impostor who allegedly forged official documents to present himself as Director-General of a non-existent Presidential Foreign Intervention Promotion Council, also described as the…
-
Just in: Atiku appoints Kenneth Okonkwo as spokesperson
MaTaZ ArIsInGDallas, Texas Former Vice President and African Democratic Congress (ADC) presidential candidate for the 2027 election, Atiku Abubakar, has appointed actor-turned-politician and ADC chieftain Kenneth Okonkwo as his spokesperson. Okonkwo announced the appointment in a statement posted on his official X handle on Thursday, expressing appreciation to Atiku for the confidence reposed in him.…
