The Federal Government has granted petroleum marketers permission to purchase petrol directly from local refineries, removing the Nigerian National Petroleum Company Limited (NNPCL) as a middleman in the process. This new policy was disclosed by the Minister of Finance and Chairman of the Naira-Crude Sale Implementation Committee, Wale Edun, in a statement on Friday.
The announcement follows the second post-commencement review meeting of the committee, which evaluated the progress of the Crude Oil and Refined Products Sales in Naira program. Edun noted that the initiative aligns with directives from the Federal Executive Council, aimed at creating a competitive, deregulated market for petroleum products.
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The minister emphasized that this framework allows marketers to engage in direct commercial negotiations with refineries, fostering greater competition and efficiency within the market. The government is optimistic that this development will improve market conditions for the benefit of Nigerians.
