The Federal Government has authorized petroleum marketers to lift petrol directly from the Dangote refinery, bypassing the Nigerian National Petroleum Company Limited (NNPC).
This move confirms the speculation that NNPC will no longer be the exclusive off-taker of Dangote’s fuel.
In a statement released on Friday, Wale Edun, the Minister of Finance and Chairman of the Naira-crude sale implementation committee, provided an update on the launch of crude purchases and the sale of products in naira transactions.
The Implementation Committee, led by Edun, held its second review meeting on October 10 to assess the progress of the Crude Oil and Refined Products Sales in naira initiative.
“The committee is pleased to announce a successful transition in operations, aligning with the directive from the Federal Executive Council.
This directive has established a robust framework for the local production and distribution of crude oil and refined products for domestic consumption in naira,” Edun stated.
“With this mechanism now fully operational and local production underway, we are well-positioned to shift towards a fully deregulated market for all petroleum products.
Going forward, petroleum marketers can purchase Premium Motor Spirit (PMS) directly from local refineries, eliminating the need for NNPC as an intermediary.
We encourage marketers to initiate direct purchases from refineries based on mutually agreed commercial terms, fostering competition and enhancing market efficiency,” the statement added.
Edun expressed confidence that these measures would ultimately lead to improved market conditions for the benefit of all Nigerians.