The Federal Government has granted petroleum marketers the authority to directly obtain petrol from the Dangote Refinery, allowing them to bypass the Nigerian National Petroleum Company Limited (NNPC).
In a statement released on Friday, Wale Edun, the Minister of Finance and Chairman of the Naira-Crude Sale Implementation Committee, highlighted this significant development as a key step in the commencement of crude oil purchases and transactions in naira.
This initiative is expected to streamline supply chains, reduce reliance on intermediaries, and enhance competition in the market, ultimately improving fuel availability for consumers.
“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.
“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,”
