The Federal Government has granted approval for marketers to begin lifting premium motor spirit (fuel) directly from the Dangote Refinery, bypassing the Nigerian National Petroleum Company Limited (NNPCL).
This decision was announced in a statement on Friday by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. The move follows a directive from the Federal Executive Council (FEC) and the introduction of a new sales mechanism based on the naira.
“New Direct Purchase Model: The most significant change under the new regime is that petroleum product marketers can now purchase PMS directly from local refineries,” the minister said.
“This marks a departure from the previous arrangement where the Nigerian National Petroleum Corporation (NNPCL) served as the sole purchaser and distributor of PMS from the refineries.”
More to follow…