Posted by Samuel on Fri 11th Oct, 2024 - tori.ng
In a statement on Friday, the Minister of Finance and Chairman of the Naira-crude sale implementation committee, Wale Edun, gave an update on the takeoff of crude purchase and product sales in naira transactions.
Petroleum marketers have been granted permission by the Federal Government to lift petrol directly from the Dangote refinery without having to go through the Nigerian National Petroleum Company Limited.
This confirms the speculation that the NNPC will no longer be the sole off-taker of the Dangote fuel.
In a statement on Friday, the Minister of Finance and Chairman of the Naira-crude sale implementation committee, Wale Edun, gave an update on the takeoff of crude purchase and product sales in naira transactions.
The Implementation Committee chaired by Edun 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 Sales in naira initiative.
“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,” the statement said.
Edun noted that the government remained confident that, in the long term, these measures will create better market conditions for the benefit of all Nigerians.