The Federal Government has given approval for marketers to begin the lifting of premium motor spirit commonly known as fuel from the Dangote Refinery without going through the Nigerian National Petroluem Company Limited (NNPCL).
According to a statement by the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, the move followed a directive from the Federal Executive Council (FEC) and the implementation of the new naira-based sales mechanism.
“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.”
With the move, marketers can now negotiate commercial terms directly with the refineries which the minister said will help in “fostering a more competitive market environment and enabling a smoother supply chain for petroleum products”.
The development is seen as a boost to petroleum marketers across the country who have repeatedly asked that they be allowed to lift the product from the Dangote Refinery located in Lagos.
On Thursday, the Independent Petroleum Marketers Association of Nigeria (IPMAN) said the Nigerian National Petroleum Company Limited (NNPCL) owes it “almost N15 billion” and has failed to supply products to its members.
The allegation came in the wake of NNPCL’s most recent adjustment of the petrol pump price in its retail outlets in Lagos and Abuja.
NNPCL outlets in Lagos sold a litre of petrol for ₦998 from the initial price of ₦855. In Abuja, it went to ₦1,030 from ₦897. In other filling stations, the price of the product goes for as much as ₦1,050 in some parts of Lagos State.
