By Adadareporters
Petroleum marketers can now purchase petrol directly from local refineries without the intermediary of the Nigerian National Petroleum Company (NNPC) Limited, the federal government announced on Friday.
Recall that Wale Edun, Minister of Finance and Coordinating Minister of the Economy, who doubles as Chairman of the Naira-Crude Sale Implementation Committee, had said that Nigeria officially commenced the sale of crude oil and refined petroleum products in Naira on October 1, 2024, in line with the directive of the Federal Executive Council (FEC).
Edun has therefore directed petroleum marketers to initiate direct purchases from refineries on mutually negotiated commercial terms.
Quoting the statement, “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.”
