Petroleum marketers can now directly lift petrol from Dangote Refinery without the Nigerian National Petroleum Company Limited (NNPC) acting as an intermediary.
In a statement on Friday, October 11, 2024, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who also chairs the Naira-crude sale implementation committee, gave an update on the ongoing naira-based crude purchase and product sales initiative.
“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.
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 read.
This is expected to promote competition and enhance market efficiency.
The government, Edun noted, is optimistic that these measures will lead to a more competitive market, benefiting Nigerians in the long run.
