The Nigerian government has authorized petroleum marketers to purchase fuel directly from the Dangote Refinery, signalling a significant shift away from the Nigerian National Petroleum Company Limited (NNPC) as the sole distributor.
This move confirms earlier speculation that the NNPC will no longer be the exclusive off-taker of refined products from the Dangote facility.
In a statement released Friday, Wale Edun, the Minister of Finance and Chairman of the Naira-Crude Sale Implementation Committee, provided updates on the transition to crude and fuel sales in naira.
The committee, which met for a review on October 10, discussed the progress of the new framework allowing local crude production and naira-denominated fuel sales.
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Edun noted that the directive from the Federal Executive Council has paved the way for the full local production and distribution of crude oil and refined products in naira. This shift is designed to bolster a deregulated market and improve competitiveness.
“Petroleum marketers can now source petrol directly from local refineries without the need for NNPC’s intermediary role, fostering greater competition and market efficiency,” the statement said.
The government remains optimistic that these measures will improve market conditions over the long term, benefiting consumers and stabilizing fuel prices for Nigerians.
This transition marks a pivotal change in Nigeria’s oil sector as it moves towards a more deregulated and open fuel market.
(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)
