Edun: FG Now Well-positioned to Transition to Fully Deregulated Market for All Petroleum Products

Ndubuisi Francis in Abuja

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has declared that with the production and distribution of crude oil and refined products for local consumption in Naira now in full operation, the federal government is well-positioned to transition to a fully deregulated market for all petroleum products.

In a statement, titled “Update on Take off of the Crude Purchase and Product Sales Initiative,” which he personally signed , Edun disclosed that the implementation Committee held its second post-commencement meeting on October 10, 2024.
“The Implementation Committee chaired by the Hon. Minister of Finance and Coordinating Minister
of the Economy held its second post-commencement review meeting on 10th October, 2024, to
evaluate the progress of the Crude Oil and Refined Products Sales in Naira initiative.

“The Committee
is pleased to report a successful transition of operations in line with the directive issued by the
Federal Executive Council (FEC). This directive has established a robust framework for local
production and distribution of crude oil and refined products for local consumption in Naira. With
this mechanism now in full operation, along with the commencement of local production, we are
well-positioned to transition to a fully deregulated market for all petroleum products.”

“Moving forward, petroleum product marketers are now able to purchase PMS directly from local
refineries without the intermediary role of NNPC. Marketers are encouraged to initiate direct
purchases from refineries on mutually negotiated commercial terms, which will promote
competition and improve market efficiency.

“We remain confident that, in the long term, these measures will create better market conditions for
the benefit of all Nigerians,” the statement said