The Nigerian Government has announced that petroleum marketers can now lift petrol directly from the Dangote refinery, bypassing the Nigerian National Petroleum Company Limited (NNPCL).
This move marks a significant shift in the oil market, confirming earlier speculation that the NNPC would no longer be the sole off-taker of Dangote fuel.
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 initiative to facilitate crude purchases and product sales in naira. Edun highlighted that the committee had conducted its second post-commencement review meeting on October 10, where they evaluated the progress of the Crude Oil and Refined Products Sales in naira initiative.
“The committee is pleased to report a successful transition of operations in line with the directive issued by the Federal Executive Council,” Edun stated. This directive aims to establish a robust framework for local production and distribution of crude oil and refined products for domestic consumption in naira.
With the new mechanism now fully operational, the government is optimistic about moving toward a deregulated market for all petroleum products.
Edun emphasized that marketers are encouraged to initiate direct purchases from local refineries based on mutually negotiated commercial terms, which is expected to foster competition and enhance market efficiency.
The government believes these changes will create better market conditions in the long term, ultimately benefiting all Nigerians.
