Confusion Erupts as FG’s Naira for Crude Policy Falters with Dangote’s Dollar Sales of Petrol to Foreign Markets.

There are indications that Dangote Refinery has signed a contract with Vitoil for five cargoes of 38,000 metric tonnes each. According to Bloomberg, one of the cargoes is the CL Jane Austen, tracked by the media giant.

  • The Dangote Refinery has disrupted the federal government’s petrol supply plan by beginning the sale of fuel in dollars to foreign markets, with a vessel already having transported the product from the refinery to waters off Togo.
  • The crude oil used for refining was purchased by the refinery, established by Africa’s richest man, in Naira through a government template that commenced in October.
  • A Bloomberg report reveals that the private refinery has signed a contract with Vitoil for five cargoes, each containing 38,000 metric tonnes.
  • Investigations showed that the tanker named CL Jane Austen recently loaded over 300,000 barrels from Dangote.
  • The tanker has sailed west, according to data from Vortexa, Kpler, and Precise Intelligence, as well as ship-tracking data compiled by Bloomberg.
  • “It’s now floating off the coast of Lome, a popular area for ship-to-ship transfers,” the report added.
  • President Bola Ahmed Tinubu had ordered the sale of crude oil to Dangote Refinery in Naira, an order confirmed to have been implemented by the Nigerian National Petroleum Company Limited (NNPCL).
  • Meanwhile, the new fuel supply deal between Dangote Refinery, which benefited from the crude oil sale in Naira, is set to transform the market dynamics.

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