The Federal Government has approved petroleum marketers to buy products directly from the Dangote Refinery in Lagos, ending the Nigerian National Petroleum Company Limited’s (NNPCL) sole off-taker arrangement.
Finance Minister, Wale Edun announced the decision on Friday after chairing the Implementation Committee on Sales of Crude Oil and Refined Products in Naira’s second review meeting on October 10.
“Following the directive of the Federal Executive Council and the implementation of the new Naira-based sales mechanism, we have introduced a new direct purchase model,” Minister Edun stated.
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“This direct purchasing mechanism allows marketers to negotiate commercial terms directly with the refineries, fostering a more competitive market environment and enabling a smoother supply chain for petroleum products,” he added
Minister Edun reassured stakeholders, “We are committed to providing clarity and ensuring a seamless transition process.”
He described the direct purchase of PMS by petroleum product marketers as “a new era of growth and development for Nigeria’s petroleum industry.”
