The Federal Government has granted petroleum marketers the authority to lift petrol directly from the Dangote refinery, eliminating the need to go through the Nigerian National Petroleum Company Limited (NNPC). This decision confirms ongoing speculation that NNPC will no longer serve as the exclusive off-taker for Dangote’s fuel.
In a statement issued 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.
The Implementation Committee, under Edun’s leadership, conducted its second review meeting on October 10 to evaluate the progress of the Crude Oil and Refined Products Sales initiative in naira.
“The committee is pleased to announce a successful operational transition in line 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 poised to transition to a fully deregulated market for all petroleum products.
Moving 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 based on mutually negotiated commercial terms, which will foster competition and improve market efficiency,” the statement added.
Edun expressed confidence that these measures would ultimately create better market conditions for all Nigerians.
