The Federal Government has authorized petroleum marketers to directly lift petrol from the Dangote refinery, eliminating the need to go through the Nigerian National Petroleum Company Limited (NNPC).
This move confirms the speculation that the NNPC will no longer be the exclusive off-taker of Dangote fuel.
In a statement on Friday, Wale Edun, the Minister of Finance and Chairman of the Naira-crude sale implementation committee, provided an update on the commencement of crude purchases and product sales in naira transactions.
Read Also: South Korean Investors To Build Four Refineries In Nigeria – FG
The Implementation Committee, led by Edun, held its second post-commencement review meeting on October 10 to assess the progress of the initiative for crude oil and refined products sales in naira.
“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 emphasized that the government is optimistic that these measures will ultimately lead to improved market conditions for the benefit of all Nigerians in the long run.
https://whatsapp.com/channel/0029VaihFajBadmT29ufud2Z
