The Federal Government has given permission to petroleum marketers to start lift petrol directly from the Dangote refinery.
This approval was given via a statement signed by the Minister of Finance and Chairman of the Naira-crude sale implementation committee, Wale Edun,on Friday, October 11.
Edun provided an update on the growth of product sales and crude procurement in naira transactions.
On October 10, the second post-commencement review meeting of the Implementation Committee, led by Edun, was reportedly conducted to assess the development of the Crude Oil and Refined Products Sales in Naira program.
“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.
Moving forward, 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 said
Until last week, when it chose to withdraw from the agreement, NNPCL served as a go-between for the marketers and Dangote refineries.
