The Federal Government has authorized fuel marketers to lift premium motor spirit (PMS) directly from the Dangote Refinery without the involvement of the Nigerian National Petroleum Company Limited (NNPCL).
This decision was announced on Friday by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, following a directive from the Federal Executive Council (FEC) and the implementation of a new naira-based sales mechanism.
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Edun, who chairs the Implementation Committee on the Sales of Crude Oil and Refined Products in Naira, highlighted that this new Direct Purchase Model allows petroleum product marketers to buy PMS directly from local refineries.
This change marks a significant shift from the previous system, where the NNPCL was the sole purchaser and distributor of refined products from the refineries.
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The minister emphasized that this new approach will enable marketers to negotiate commercial terms directly with refineries, thereby promoting a more competitive market and facilitating a smoother supply chain for petroleum products.
