The Federal Government has authorized petroleum marketers to directly source petrol from the Dangote refinery, bypassing the Nigerian National Petroleum Company Limited (NNPC).
This development confirms earlier speculations that the NNPC would no longer be the exclusive buyer of Dangote fuel.
In a statement released on Friday, Wale Edun, the Minister of Finance and Chairman of the Naira-crude sale implementation committee, provided an update on the initiation of crude purchases and product sales in naira transactions.
The Implementation Committee, led by Edun, held its second post-launch review meeting on October 10 to assess the progress of the Crude Oil and Refined Products Sales in naira initiative.
“The committee is pleased to announce a successful operational transition in accordance with the directive from the Federal Executive Council. This directive has established a strong framework for local production and distribution of crude oil and refined products for domestic consumption in naira.
“With this mechanism now fully operational and the start of local production, we are well-prepared to move towards a completely deregulated market for all petroleum products.
“From now on, petroleum product marketers can purchase PMS directly from local refineries without the need for NNPC as an intermediary. Marketers are encouraged to pursue direct purchases from refineries on mutually agreed commercial terms, fostering competition and enhancing market efficiency,” the statement noted.
Edun expressed confidence that these measures will ultimately lead to improved market conditions for the benefit of all Nigerians.
Maybe it will be better that way.
Hmmm
great though