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The Nigerian government on Friday said petroleum product marketers can now purchase petrol directly from local refineries.

This marks a departure from the previous arrangement where the Nigerian National Petroleum Company Limited (NNPC Ltd) served as the sole purchaser and distributor of petrol from the refineries, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said in a statement on Friday.

Earlier on Monday, this newspaper exclusively reported that NNPC Ltd is ending its exclusive purchase agreement with Dangote Refinery, opening up the market for other marketers to buy petrol directly from the refinery.

This means the NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery. This development aligns with the current practices for fully deregulated products, where refineries can sell directly to marketers on a willing buyer, willing seller basis.

Last Saturday, the Nigerian government said it has officially commenced the sale of crude oil and refined petroleum products in Naira. The sale in Naira took effect from 1 October, the government said at the time.

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