Marketers can now lift fuel directly from Dangote refinery—FG

The Federal Government on Friday said marketers can now lift petrol directly from Dangote refinery without going through the Nigerian National Petroleum Company Limited, NNPCL.

The Minister of Finance, Mr. Wale Edun made the disclosure when he gave update on the take off of crude purchase and product sales in naira transaction.

The latest directive confirms the end to NNPCL being the sole off-taker of Dangote fuel.

The Edun-led implementation committee was said to have held its second post-commencement review meeting on October 10, to evaluate the progress of the crude oil and refined products sale in naira initiative.

According to the minister, the federal government expressed confidence that the measures taken would ensure a better market conditions for the benefit of all Nigerians.

In a statement, the minister said: “The committee is pleased to report a successful transition of operations in line with the directive issued by the Federal Executive Council, FEC. 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 NNPCL. Marketers are encouraged to initiate direct purchases from refineries on mutually negotiated commercial terms, which will promote competition and improve market efficiency.”