The Minister of Finance and Chairman of the Naira-crude sale implementation committee, Wale Edun, stated on Friday that petroleum marketers had been granted permission by the Federal Government to lift petrol directly from the Dangote refinery, without resorting to the Nigerian National Petroleum Company Limited (NNPCL) as an intermediary.
Rdun, who made the confirmation in a statement on Friday, indicated that the latest directive was part of the decisions taken during the Implementation Committee’s second post-commencement review meeting on October 10, to evaluate the progress of the Crude Oil and Refined Products Sales in naira initiative.
The minister clarified: “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”, he added.
Edun expressed optimism that the government remained confident that, in the long term, the policy initiatives of the government in the downstream subsector would create better market conditions for the benefit of all Nigerians and the nation’s economy.
