Amidst public outcry over the consistent hike in the PMS pump price going as high as N1,100 per liter, the Federal Government has announced that the Marketers are now permitted to directly obtain petrol from the Dangote Refinery.
The Federal Government has granted permission for petroleum marketers to obtain petrol directly from the Dangote refinery, allowing them to bypass the Nigerian National Petroleum Company Limited (NNPC).
In a statement issued on Friday, Wale Edun, the Minister of Finance and Chairman of the Naira-Crude Sale Implementation Committee, shared important updates regarding the commencement of crude oil purchases and the transactions involving the sale of products in naira.
“The committee is pleased to announce a successful transition in operations, aligning with the directive from the Federal Executive Council.
This directive has established a robust framework for the local production and distribution of crude oil and refined products for domestic consumption in naira.
“With this mechanism now fully operational and local production underway, we are well-positioned to shift towards a fully deregulated market for all petroleum products.
“Going forward, petroleum marketers can purchase Premium Motor Spirit (PMS) directly from local refineries, eliminating the need for NNPC as an intermediary.
We encourage marketers to initiate direct purchases from refineries based on mutually agreed commercial terms, fostering competition and enhancing market efficiency,”