October 11, (THEWILL) – The Federal Government, on Friday, said that petroleum marketers are now free to purchase petrol directly from local refineries without the intermediary of the Nigerian National Petroleum Company (NNPC) Limited.
THEWILL earlier reported that Wale Edun, Minister of Finance and Coordinating Minister of the Economy, who doubles as Chairman of the Naira-Crude Sale Implementation Committee, had said that Nigeria officially commenced the sale of crude oil and refined petroleum products in Naira on October 1, 2024, in line with the directive of the Federal Executive Council (FEC).
In an update on the start of product sales and crude acquisition in naira transactions, Edun directed petroleum marketers to initiate direct purchases from refineries on mutually negotiated commercial terms.
The statement reads: “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.”
