The Nigerian National Petroleum Company (NNPC) Limited has revealed that it paid for petrol from the Dangote Petroleum Refinery using US dollars.
Beyond Boders reports that this announcement was made by NNPC through its social media on Monday.
According to NNPC, from October 1, payments for petrol, also known as Premium Motor Spirit (PMS), will be made in naira.
“The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024,” the company said.
Finance Minister Wale Edun also shared that starting from October 1, the refinery will sell petrol and diesel to the local market in exchange for naira.
He added that NNPC will supply about 385,000 barrels of crude oil per day to Dangote Refinery, and in return, the refinery will supply petrol and diesel of equal value.
The NNPC began transporting petrol from the refinery on September 14, using its fleet of trucks. After negotiations, NNPC stated that it paid N898 per litre for the petrol.
However, Dangote Refinery responded by saying that the petrol was sold in US dollars and not in naira, explaining that this method saved NNPC money compared to importing.
Naira payments for the refinery’s petrol will officially begin in October 2024.
