[BREAKING]: Crude oil sale: NNPCL reaches agreement to sell in Naira to Dangote Refinery

The Nigerian National Petroleum Company Limited, NNPCL, has reached an agreement to sell crude oil to Dangote Petroleum Refinery in Naira.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, made this confirmation on Tuesday via its X handle, @NMDPRA_Official.

According to NMDPRA, the NNPCL reached an agreement to commence crude oil sale and supply to Dangote Refinery in local currency.

The agency also said the refinery was determined to supply an initial 25 million litres per day of the Premium Motor Spirit (PMS) into the domestic market in September 2024, adding that the refinery will increase the volume to 30 million litres per day in October.

“The refinery is now poised to supply an initial 25 million litres of PMS into the domestic market this September. And will subsequently increase this amount to 30 million liters daily from October 2024,” it said.