OMG! FG announces important partnership to crash petrol price

• The Nigerian Export Processing Zones Authority (NEPZA), Dangote Refinery, and the Federal Government's One-Stop-Shop Committee person agreed to instrumentality the statesmanlike directive
• This collaboration seeks to streamline crude lipid sales, peculiarly to the Dangote Refinery, by eliminating the reliance connected the dollar and selling crude successful naira
• NEPZA's Managing Director, Olufemi Ogunyemi, expressed assurance successful the president's imaginativeness and the refinery's relation successful driving vigor information and economical growth

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

In a bid to amended nationalist energy information and foster economical growth, the Nigerian Export Processing Zones Authority (NEPZA), the Dangote Refinery, and the Federal Government's One-Stop-Shop Committee connected the Sale of Crude successful Naira person decided to instrumentality the statesmanlike directive connected the falling home prices of petroleum products.

A committee is being formed to streamline the merchantability of crude lipid to adjacent refineries. Photo Credit: FG, Contributor
Source: Getty Images

During the committee members' courtesy sojourn to NEPZA's Managing Director, Olufemi Ogunyemi, successful Abuja connected Tuesday, the 3 bodies agreed to coordinate their efforts to fulfill the instruction.

Martins Odeh, NEPZA's Head of Corporate Communications, revealed this successful a connection connected Wednesday.

To streamline the merchantability of crude lipid to adjacent refineries, peculiarly the Dangote Refinery, the Federal Government formed a committee to facilitate a one-stop-shop process.

Channels reported that this was achieved by coordinating services from assorted regulatory, security, and different pertinent agencies to guarantee creaseless implementation of the process.

According to the statement, NEPZA was consenting to collaborate with the committee to fulfill this mandate, and Ogunyemi expressed his religion successful the president's imaginativeness and determination to execute implicit home sufficiency successful petroleum products.

“Interestingly, the Authority supervised the operation of the highly celebrated world-class Dangote Refinery from the opening to its inauguration, making it a occurrence communicative for us.“The ngo for vigor information is fractional achieved due to the fact that the Dangote Refinery and Petrochemicals FZE is simply a registered Free Zone and, arsenic such, continues to payment from the scheme’s incentives. Since the Federal Government has invested importantly successful ensuring the constitution of the refinery, I judge the clip has travel for the entity to pb our thrust for vigor security,” the managing manager said.

The Managing Director of NEPZA further explained that the refinery, which has since started up with 480 vessels delivered, was proudly associated with producing a assortment of crude types and progressively satisfying the nation's interior request for gasoline, diesel, kerosene, craft pitchy fuel, and for export.

As a result, helium pointed retired that selling crude successful naira would trim the section currency's reliance connected the dollar successful home crude transactions.

“Let maine reiterate that the Free Trade Zone Scheme remains a cardinal economical operator of our nation, and we are pleased that the Dangote Refinery is 1 of our shining stars that volition thrust this policy,” Ogunyemi said.

He further stated,

“This sojourn cannot beryllium much important, arsenic it brings unneurotic cardinal involvement groups, stakeholders, and applicable sister agencies that represent this committee to present a workable template that tin usher this well-thought-out naira-for-crude swap transaction for the payment of our nation.”

It was lone a substance of clip earlier the federation ceased charging domestic crude income successful dollars, according to Ms. Maureen Ogbonna, the committee's coordinator, who described the committee's enactment arsenic 1 of the president's large interventions to realign the economy.

She claims that the committee is already producing the intended outcomes owed to the stakeholders' collaboration with the argumentation frankincense acold and the objection of governmental will.

“We are blessed with this exceptional courtesy extended to america by Dr. Olufemi Ogunyemi, the MD/CEO of NEPZA, and his willingness to supply america with entree to the Dangote Refinery, being the lone serviceable refinery successful the state now. This collaboration volition surely alteration the Dangote Refinery & Petrochemicals FZE to pb the way,” Ms. Ogbonna said.

The Federal Government formed a committee to facilitate a one-stop-shop process. Photo Credit: FG, Dangote Group
Source: Getty Images

The president and laminitis of the Dangote Group, Aliko Dangote, has ever supported the nation's efforts toward development, industrialisation, and economical expansion, according to Akinsanya Mobolaji Mobolarin, the spokesperson for the Dangote Refinery & Petrochemicals.

The Dangote Refinery is committed to assisting the federation successful achieving vigor security, said Mobolarin, General Manager of Engineering/Strategic Services astatine the refinery, who acknowledged the boost and enlargement the programme would bring to the system if it were efficaciously implemented.

Filling stations instantly alteration petrol price

Legit.ng reported that the summation successful the ex-depot price of Premium Motor Spirit (PMS), besides known arsenic petrol, announced by Dangote Refinery precocious Friday, prompted filling stations passim the Lagos metropolis connected Saturday morning.

On Friday, June 20th Dangote Refinery raised the ex-depot terms of petrol by N55 per litre, from N825 to N880.

Members of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), NNPC retail outlets, Independent Petroleum Marketers Association of Nigeria (IPMAN), and the Major Energy Marketers Association of Nigeria (MEMAN) rapidly adjusted their metres successful effect to the increase.

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Source: Legit.ng