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Nigeria’s Federal Government has announced that the petroleum market has been fully deregulated following the successful implementation of the Crude Oil and Refined Products Sales in Naira initiative, allowing petroleum marketers purchase petroleum products directly from refineries.
This announcement was made in a press statement by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun on Thursday during the second post-commencement review meeting of the Implementation Committee.
The statement read, “The most significant change under the new regime is that petroleum product marketers can now purchase PMS directly from local refineries. 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.
“This direct purchasing mechanism allows marketers to negotiate commercial terms directly with the refineries, fostering a more competitive market environment and enabling a smoother supply chain for petroleum products.
“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 remains optimistic about the long-term benefits of these measures, asserting that they will foster an environment conducive to economic growth and provide substantial advantages to all Nigerians involved in the petroleum sector.
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