The Federal Government has authorized petroleum marketers to directly source petrol from the Dangote refinery, bypassing the Nigerian National Petroleum Company Limited (NNPC).
This decision marks the end of NNPC’s exclusive role as the sole off-taker for Dangote fuel.
On Friday, Wale Edun, the Minister of Finance and Chairman of the Naira-crude sale implementation committee, provided an update regarding the initiation of crude purchases and product sales conducted in naira.
The Implementation Committee, led by Edun, recently held its second review meeting on October 10 to assess the progress of the initiative aimed at selling crude oil and refined products in naira.
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“The committee is pleased to report a successful transition of operations in line with the directive issued by the Federal Executive Council.
This directive has established a robust framework for local production and distribution of crude oil and refined products for local consumption in naira.
“With this mechanism now in full operation, along with the commencement of local production, we are well-positioned to transition to a fully deregulated market for all petroleum products.
“Moving forward, petroleum product marketers are now able to purchase PMS directly from local refineries without the intermediary role of NNPC.
Marketers are encouraged to initiate direct purchases from refineries on mutually negotiated commercial terms, which will promote competition and improve market efficiency,” the statement said.
Edun expressed the government’s belief that these measures will ultimately foster improved market conditions for the advantage of all Nigerians in the long run.
