FG Approves Fuel Lifting from Dangote Refinery for Marketers

The Federal Government has granted approval for petroleum marketers to begin lifting premium motor spirit (PMS), commonly known as fuel, directly from the Dangote Refinery.

In a statement issued on Friday, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, explained that the approval follows a directive from the Federal Executive Council (FEC).

As the chair of the Implementation Committee on the Sales of Crude Oil and Refined Products in Naira, Edun outlined a significant shift in the policy, which now allows marketers to purchase fuel directly from domestic refineries. This development contrasts with previous arrangements where the Nigerian National Petroleum Corporation Limited (NNPCL) acted as the sole buyer and distributor of petrol from refineries.

He added that marketers are now able to negotiate commercial terms directly with refineries, fostering a more competitive and efficient supply chain for fuel distribution.

“This transition is expected to enhance product availability and stabilize market conditions for the benefit of all Nigerians,” Edun noted, adding that the government will engage stakeholders to ensure a smooth implementation of the new system.

Meanwhile, on Thursday, the Independent Petroleum Marketers Association of Nigeria (IPMAN) disclosed that NNPCL owes its members nearly N15 billion in unpaid dues, and has not supplied products as required.