The minister says an implementation committee worked with NNPCL and Dangote Refinery, to fashion out modalities of FEC approval.
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“From Oct. 1, NNPC Ltd. will commence the supply of about 385kbpd of crude oil to the Dangote Refinery, to be paid for in Naira. In return, the Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market, to be paid in Naira. He said that the initiative would help reduce pressure on the Naira, eliminate unnecessary transaction costs, and improve availability of petroleum products in the country.The minister said the implementation committee chaired by him, and the other technical committee worked intensely with NNPCL and Dangote Refinery, to fashion out the details of the modalities for the implementation of FEC approval.
The News Agency of Nigeria reports that Mr Edun chaired the presidential committee on the sales of crude oil and refined products for domestic consumption in Naira.
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