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The Federal Government has approved a direct fuel lifting policy for petroleum marketers, allowing them to purchase petrol directly from the Dangote refinery.
This move ends the Nigerian National Petroleum Company Limited’s (NNPC) role as the sole off-taker of Dangote’s products and signals a push toward a deregulated market.
The Minister of Finance and chairman of the naira-crude sale implementation committee, Wale Edun, announced the policy update on Friday, October 11.
He said this initiative forms part of the government’s plan to foster a competitive market environment and optimise local distribution processes.
“The committee is pleased to report a successful transition of operations in line with the directive issued by the Federal Executive Council,” Edun stated.
He explained that this framework supports local production and distribution, setting the stage for a shift towards purchasing and selling fuel in naira.
A review meeting on Thursday, October 10 led to the finalisation of the policy, which encourages petroleum marketers to negotiate directly with refineries.
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“Marketers are encouraged to initiate direct purchases from refineries on mutually negotiated commercial terms,” Edun noted, adding that this measure is expected to foster competition and enhance market efficiency.
The government is optimistic that this deregulation will ultimately create a stable and consumer-friendly market.
“We are well-positioned to transition to a fully deregulated market for all petroleum products,” Edun said, underscoring the long-term benefits of reduced intermediaries for consumers.
With this transition, the government aims to offer sustainable improvements in Nigeria’s fuel distribution, benefiting both marketers and end-users across the country.