By Damilare Adeleye
Petroleum marketers have been given a nod to directly lift petrol from Dangote Refinery without the Nigerian National Petroleum Company Limited (NNPC) acting as an intermediary.
In a statement on Friday, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who also chairs the Naira-crude sale implementation committee, provided an update on the ongoing naira-based crude purchase and product sales initiative.
This shift, which is expected to promote competition and enhance market efficiency, has put an end to speculations that NNPC is no longer the sole off-taker of Dangote Refinery products.
The committee held its second post-commencement 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 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,” the statement read.
Edun’s statement emphasised that “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 added.