FG allows marketers to lift fuel directly from Dangote refinery
by Adenle Ahmed Abiola · The Eagle OnlineIn a new development, the Federal Government has granted permission to petroleum marketers to lift petrol directly from the Dangote refinery without going through the Nigerian National Petroleum Company Limited.
A statement on Friday by 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.
According to reports, the Implementation Committee chaired by Edun 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.
- Popular Tiktoker Salo hospitalized after being robbed, shot in Lagos
- With court backing, Segilola Resources continues gold mining
- PDP: Court bars NEC, BoT from sacking acting National Chair
- PDP faction appoints new acting National Chairman
- NERC to Nigerians: Know your rights to get better service
“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 read.
Edun added that the government remained confident that, in the long term, these measures will create better market conditions for the benefit of all Nigerians
Post Views: 9