The Federal Government has announced that petroleum marketers can now directly lift petrol from the Dangote Refinery without needing the Nigerian National Petroleum Company Limited (NNPCL) as an intermediary.
In a statement issued on Friday, October 11, 2024, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who also chairs the Naira-crude sale implementation committee, provided updates on the naira-based crude purchase initiative. He highlighted the successful transition of operations to a framework that allows local production and distribution of crude oil and refined products for consumption in naira.
With this shift, petroleum marketers are encouraged to negotiate directly with refineries, a move expected to foster competition, improve market efficiency, and promote a fully deregulated petroleum market. The government is optimistic that these reforms will ultimately benefit Nigerians.
