• About
  • Advertise
  • Contact
Saturday, August 23, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Oil & Gas

FG Fixes October 1 For Commencement Of  Crude Oil Sale In Naira To Dangote, Others

Vital News by Vital News
August 19, 2024
in Oil & Gas
0
We Have Not Fixed Petrol Price — Dangote
Share on FacebookShare on Twitter

The Federal Government says sales of crude oil to Dangote Refinery and other local refineries will commence on October 1, 2024.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the announcement during a meeting with the Implementation Committee on Monday in Abuja.

According to a post on the official X (formerly Twitter) page of the finance ministry, the meeting was to review progress on key initiatives.

At the meeting, key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Upstream Petroleum Regulatory Commission and the African Export-Import Bank to ensure smooth implementation.

The post reads : “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.

RelatedStories

NLC Urges FG To Sell Enough Crude In Naira To Reduce Fuel Prices, Hails Dangote Refinery

Dangote Debunks Rumours Of Refinery Shutdown, Says PMS Gantry Price Remains N850

Kogi Govt Moves To Attract Investors To Exploit Oil, Gas Deposits

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector

“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.”

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

It also stated that updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November 2024.

The minister emphasised the need for transparency and directed the Technical Sub-Committee to finalize details and prepare a report for the President, confirming that his directives are on track for implementation from September.

Recall that the Federal Executive Council had on July 29 okayed President Tinubu’s proposal for NNPC to halt the sale of crude oil to local refineries in foreign currency.

The Federal Executive Council approved that the 450,000 barrels meant for domestic consumption be offered in Naira to Nigerian refineries, using the Dangote refinery as a pilot.

The move is to ensure the stability of the pump price of refined fuel and the dollar-naira exchange rate.

Findings show that Dangote Refinery, at the moment, requires 15 cargoes of crude oil yearly.

In response, the finance minister inaugurated a technical sub-committee tasked with developing the framework for the sale of crude oil to local refineries in naira. (vitalnewsngr.com)

Tags: CrudeDangotelocal refineriesSale
Previous Post

Kogi Governor, Ododo Appoints 1,102 New Aides

Next Post

Pensioners Beg President Tinubu To Pay Six Months Wage Award

Vital News

Vital News

RelatedStories

NLC Urges FG To Sell Enough Crude In Naira To Reduce Fuel Prices, Hails Dangote Refinery
Oil & Gas

NLC Urges FG To Sell Enough Crude In Naira To Reduce Fuel Prices, Hails Dangote Refinery

August 13, 2025
Dangote Spends N720bln To Acquire 4,000 CNG Trucks, Begins Free Distribution Of Fuel August 15
Oil & Gas

Dangote Debunks Rumours Of Refinery Shutdown, Says PMS Gantry Price Remains N850

August 8, 2025
Kogi Govt Moves To Attract Investors To Exploit Oil, Gas Deposits
Business

Kogi Govt Moves To Attract Investors To Exploit Oil, Gas Deposits

August 8, 2025
Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector
Business

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector

July 27, 2025
Africans In Position To Develop Africa, Dangote Tells Global CEOs
Oil & Gas

Dangote Urges African Leaders To Protect Local Industries From Unfair Competition

July 23, 2025
Next Post
Drop In Nigeria’s inflation, Clear Indication Of Success Of Tinubu Economic Policies -TMSG

Pensioners Beg President Tinubu To Pay Six Months Wage Award

Japa  : NASS, Minister, Dabiri-Erewa, Others Urge Youth To Develop Skills, Stay productive

Japa : NASS, Minister, Dabiri-Erewa, Others Urge Youth To Develop Skills, Stay productive

Ogun Joins League of Large-Scale Rice-Producing States as Abiodun Flags Off Harvest of 200-Hectare Plantation

Ogun Joins League of Large-Scale Rice-Producing States as Abiodun Flags Off Harvest of 200-Hectare Plantation

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Oyo Approves Construction Of Magistrate Court, Police Station At New Correctional Centre

3 years ago
NNPCL Unveils New Senior Management Team

FG Directs NNPCL To Resume Sale Of Crude Oil In Naira To Dangote, Other Local Refineries

5 months ago

18 lawmakers vote for impeachment of Zamfara Deputy Governor

4 years ago

Armed Hoodlums Invade, Sack Amuludun FM Radio Station In Ibadan

2 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Appeal Court Orders Kogi To Pay Ex-Deputy Governor, Simon Achuba, N1.07bln Salary Arrears

First Lady’s Delegation Pays Condolence Visit to Governor Ododo Over Father’s Passing

KB Klub Holds Largest Blood Donation Drive, Raises 500pints Of Blood In Lagos

Don’t Stay Away From Home, President Tinubu Tell Nigerians In Japan, Says Nigeria On The Rise Again

Abia Secures $750mln World Bank Support For Renewable Energy

Woman Mistaken For Kidnapper Killed By Irate Mob In Ilorin

Trending

Dangote Cement Re-trains 900 Truck Drivers To Boost Operational Efficiency
News

Dangote Cement Re-trains 900 Truck Drivers To Boost Operational Efficiency

by Vital News
August 22, 2025
0

The management of Dangote Cement Plc (DCP) has restated its commitment to training and constant retraining of...

Japan Designates Kisarazu City As Hometown For Nigerians

Japan Designates Kisarazu City As Hometown For Nigerians

August 22, 2025
FAAC Disburses N1.678trn February Revenue To FG, States, LGs

FAAC Shares N2.001 July 2025 Revenue To FG, States, LGs

August 22, 2025
Appeal Court Orders Kogi To Pay Ex-Deputy Governor, Simon Achuba,  N1.07bln Salary Arrears

Appeal Court Orders Kogi To Pay Ex-Deputy Governor, Simon Achuba, N1.07bln Salary Arrears

August 22, 2025
First Lady’s Delegation Pays Condolence Visit to Governor Ododo Over Father’s Passing

First Lady’s Delegation Pays Condolence Visit to Governor Ododo Over Father’s Passing

August 22, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Dangote Cement Re-trains 900 Truck Drivers To Boost Operational Efficiency August 22, 2025
  • Japan Designates Kisarazu City As Hometown For Nigerians August 22, 2025
  • FAAC Shares N2.001 July 2025 Revenue To FG, States, LGs August 22, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In