The Nigerian National Petroleum Company Limited (NNPCL) has finalized an agreement to vend crude oil to Dangote Petroleum Refinery in the local currency, Naira.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirmed this development on Tuesday through its official channel, @NMDPRA_Official.
As per the NMDPRA, the NNPCL has concluded an arrangement to initiate the sale and supply of crude oil to Dangote Refinery using the local currency.
The authority also disclosed that the refinery is committed to introducing an initial daily supply of 25 million liters of Premium Motor Spirit (PMS) to the domestic market starting September 2024 and anticipated to escalate the volume to 30 million liters per day by October.
"The refinery is now set to deliver an initial 25 million liters of PMS to the domestic market this September, with plans to subsequently raise this quantity to 30 million liters daily from October 2024," it stated.
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