[By Abigail Philip David]
The Federal Government has granted petroleum marketers permission to lift petrol directly from the Dangote refinery, bypassing the Nigerian National Petroleum Company Limited (NNPCL). This move confirms earlier speculation that the NNPCL will no longer hold exclusive rights as the sole off-taker of fuel from the Dangote refinery.
In a statement released on Friday, the Minister of Finance and Chairman of the Naira-Crude Sales Implementation Committee, Wale Edun, provided an update on the implementation of the crude oil purchase and product sales in naira transactions. The committee held its second review meeting on October 10 to assess the progress of the 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 the local production and distribution of crude oil and refined products for consumption in naira,” Edun said.
With this framework now fully operational, the country is set to move toward a deregulated market for petroleum products. The new directive allows marketers to purchase Premium Motor Spirit (PMS) directly from local refineries, including the Dangote refinery, on mutually negotiated commercial terms. This is expected to foster competition and improve market efficiency.
Edun expressed confidence that, over time, these measures would create better market conditions for the benefit of all Nigerians.
