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BUSINESS

Dangote to commence petrol production in September

August 20, 2024 • 1 min read

August 20, 2024

By Samuel Ogunsona

Dangote group has reached an agreement with the Federal Government’s committee for the rollout of Premium Motor Spirit, also known as petrol, in September this year.

The Federal Government’s committee was set up by President Bola Tinubu to ensure the implementation of crude oil sales to local refineries in Naira.

The committee explained that the sales of crude oil to local refineries will commence in October 1, 2024.

The Minster of Finance, Wale Edun, announced this on his X page after the meeting with the committee on Monday where key issues was discussed and roles were outlined for stakeholders.

“The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today led the Implementation Committee meeting on the transition to crude oil sales in naira.

“The meeting reviewed progress on key initiatives, including the upcoming commencement of naira payments for crude oil sales to the Dangote Refinery starting October 1, 2024.”

The Executive Chairman of the Federal Inland Revenue Service, Dr Zacch Adedeji, and the Chairman of the Technical Sub-Committee said, “The first PMS delivery from Dangote is expected next month under existing agreements.” He said.