The Federal Government says oil marketers are now free to negotiate purchase of petrol directly from the Dangote refinery without recourse to the Nigerian National Petroleum Company Limited (NNPCL)
This is coming barely a day after the Independent Petroleum Marketers Association of Nigeria (IPMAN) tackled the NNPCL for selling the product to its members at over N1,000 per litre, lamenting that the company bought from the Dangote refinery at below N900 per litre.
However, the Minister of Finance and Chairman of the naira-crude sale implementation committee, Wale Edun, in a statement on Friday said the marketers could not buy petrol directly from local refineries.
He stated this while giving an update on the takeoff of crude purchase and product sales in naira.
The implementation committee 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 statement read, “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.”
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