The end of the monopoly of the National Petroleum Corporation of Nigeria in purchasing from the Dangote Refinery

According to Webangah News quoted by Mehr News Agency quoted by Reuters, Wale Adon On Friday (October 20), referring to Nigeria’s move to remove restrictions on the country’s processing sector, it announced that the National Oil Company of Nigeria has the exclusive right to purchase oil from refinery span style=”text-a..”>Dangote has ended and fuel traders in the country can now buy gasoline directly from this refinery.

The Dangote Oil Refinery started processing gasoline in September and announced that the National Petroleum Company Nigeria will be the only buyer of this product. This action allowed the government of this country to continue providing subsidies for petroleum products.

However, the National Oil Company of Nigeria increased fuel prices by more than 15 percent on Wednesday (October 18) and for the first time in more than three decades. He sold gasoline at the market price. This action shows that Nigeria has ended its costly subsidy program that has put pressure on the country’s budget.

Wale EdonHe announced in a statement: The direct purchase mechanism allows marketers to negotiate directly with refineries about business conditions, creates a more competitive market environment and a more convenient supply chain for petroleum products.

Refinery Dangote, which is the largest refinery in Africa with a production capacity of 650,000 barrels per day, promises It will reduce Nigeria’s costly reliance on imported petroleum products.

The commission of the Nigerian government headed by Edon with the aim of fully supplying fuel to this country from the refinery Dangote, on the 1st of October (Tuesday, 10 Mehr) the sale of crude oil to Dangote Refinery Approved using the local currency Naira. This commission also announced that this action is the next step in the movement towards removing restrictions in the market.

This directive is applicable to all refineries operating in Nigeria