The Nigerian government has authorized petroleum marketers to purchase Premium Motor Spirit (PMS), commonly known as petrol, directly from the Dangote Refinery.
This update was announced by Finance Minister Wale Edun, who also chairs the Naira-Crude Sale Implementation Committee, through a statement posted on the Ministry’s official X (formerly Twitter) account on Friday.
This move officially ends the exclusive purchasing rights of the Nigerian National Petroleum Company Limited (NNPCL) as the sole off-taker of petrol from Dangote Refinery.
According to Edun, the decision came after a meeting of the Implementation Committee on Crude Oil and Refined Product Sales in Naira, held the previous day.
The government further reiterated its commitment to increasing domestic PMS production.
The statement read, “With the commencement of local PMS production, the market is better equipped to support these direct transactions. This transition is expected to enhance efficiency in product availability and stabilize market conditions for the benefit of all Nigerians.
“The Committee recognizes that there are questions and discussions regarding this change in the market structure. We are committed to providing clarity on this development and will continue to engage with stakeholders to ensure a seamless transition process.”
This announcement follows NNPCL’s recent increase of the fuel pump price to N1,030 per liter in Abuja. In response, the Independent Petroleum Marketers Association of Nigeria had previously objected to NNPCL’s ex-depot price of N1,010 per liter.
