The Federal Government has granted approval for petroleum marketers to lift petrol directly from the Dangote Refinery, bypassing the Nigerian National Petroleum Company Limited (NNPC) as the sole off-taker.
This development puts to rest earlier speculations about NNPC’s exclusive control over fuel supplies from the Dangote Refinery.
In a statement released on Friday, the Minister of Finance and Chairman of the Naira-Crude Sale Implementation Committee, Wale Edun, provided an update on the ongoing crude purchase and fuel sales in naira transactions.
Edun disclosed that the Implementation Committee held its second post-commencement review meeting on October 10 to assess the progress of the initiative aimed at promoting the sale of crude oil and refined products in local currency.
“The committee is pleased to report the successful transition of operations in line with the Federal Executive Council’s directive. This directive has established a solid framework for the local production and distribution of crude oil and refined products in naira,” the statement said.
The committee confirmed that this mechanism, coupled with the start of local production, sets the stage for a fully deregulated petroleum market. As part of this shift, petroleum marketers can now directly purchase Premium Motor Spirit (PMS) from local refineries without the NNPC serving as an intermediary. These direct purchases will be made under mutually negotiated commercial terms, promoting competition and improving market efficiency.
Edun emphasized that the government believes these measures will, over time, create more favorable market conditions that will benefit all Nigerians.
