The Federal Government has given petroleum marketers permission to get petrol directly from the refineries without using the Nigerian National Petroleum Company Limited (NNPCL) as an intermediary.
The Minister of Finance and Chairman of the Naira-Crude Sale Implementation Committee, Wale Edun, disclosed in a statement on Friday. He provided an update on the start of product sales and crude acquisition in naira transactions.
On October 10, the second post-commencement review meeting of the Implementation Committee, led by Edun, was reportedly conducted to assess the development of the Crude Oil and Refined Products Sales in Naira program.
“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 reads.
Edun stated that the government is still optimistic that these actions would improve market conditions over time for the good of all Nigerians.