“Petroleum product marketers are now able to purchase PMS directly from local refineries without the intermediary role of NNPC” the statement was made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun during the Naira-crude sale implementation committee meeting.
The committee held its second post-commencement review meeting on October 10 to assess the progress of the initiative.
In his statement on Friday, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who also chairs the Naira-crude sale implementation committee, provided an update on the ongoing naira-based crude purchase and product sales initiative.
He explained that Petroleum marketers can now directly lift petrol from Dangote Refinery without the Nigerian National Petroleum Company Limited (NNPC) acting as an intermediary.
The statement reads, “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,” the statement said.
“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, Edun’s statement emphasised that “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 government, Edun noted, is optimistic that these measures will lead to a more competitive market, benefiting Nigerians in the long run.