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In a significant move to deregulate the petroleum market, the Federal Government has authorized petroleum marketers to purchase petrol directly from the Dangote refinery, bypassing the Nigerian National Petroleum Company Limited (NNPC).
According to Wale Edun, Minister of Finance and Chairman of the Naira-crude sale implementation committee, this decision follows a successful review of the Crude Oil and Refined Products Sales in naira initiative. “The committee is pleased to announce a successful transition in operations, aligning with the directive from the Federal Executive Council,” Edun stated.
The new policy allows petroleum marketers to buy Premium Motor Spirit (PMS) directly from local refineries, eliminating NNPC’s role as an intermediary. “We encourage marketers to initiate direct purchases from refineries based on mutually agreed commercial terms, fostering competition and enhancing market efficiency,” Edun added.
This development marks a shift towards a fully deregulated market for petroleum products in Nigeria. Edun expressed confidence that the measures would lead to improved market conditions, benefiting all Nigerians.
“The directive has established a robust framework for the local production and distribution of crude oil and refined products for domestic consumption in naira,” Edun said. “With this mechanism now fully operational and local production underway, we are well-positioned to shift towards a fully deregulated market.”
The move is expected to promote competition, reduce costs, and increase efficiency in the petroleum market. It also signals a reduced role for NNPC in the industry.
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