Nigeria don dey make big change for how petrol dey be sold inside the country. According to what Finance Minister Wale Edun talk on Friday, Nigeria no go be sole buyer of petrol from Dangote Refinery again. Dis mean say retailers fit now buy petrol directly from local refineries, including the big Dangote Refinery.
Dis new arrangement go help Nigeria move towards full deregulation of the market. Before now, the Nigerian National Petroleum Corp. (NNPC) be the only one wey dey buy and distribute petrol from refineries. But now, marketers fit negotiate commercial terms directly with the refineries, making the market more competitive and the supply chain smoother.
The Dangote Oil Refinery, wey start processing petrol in September, get capacity to produce 650,000 barrels per day. Dis refinery go help reduce Nigeria’s reliance on imported oil products, which dey cost the country a lot of money and foreign exchange.
On top of dis, the government committee wey Finance Minister Wale Edun chair, approve the sale of crude to the Dangote refinery in naira on October 1. Dis step be part of the plan to transition to a completely deregulated market. NNPC also hike fuel prices by over 15% on Wednesday, marking the end of the subsidy programme wey dey strain their finances.
