https://en.sputniknews.africa/20241012/nigeria-deregulates-market-allowing-local-fuel-traders-to-buy-petrol-directly-from-dangote-refinery-1068660051.html
Nigeria Deregulates Market, Allowing Local Fuel Traders to Buy Petrol Directly From Dangote Refinery
Nigeria Deregulates Market, Allowing Local Fuel Traders to Buy Petrol Directly From Dangote Refinery
Sputnik Africa
The Dangote Oil Refinery, Africa's largest, has a capacity of 650,000 barrels per day and is expected to reduce Nigeria's reliance on imported oil products. 12.10.2024, Sputnik Africa
2024-10-12T18:50+0200
2024-10-12T18:50+0200
2024-10-14T12:45+0200
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nigeria
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The West African country's government eliminated state-owned oil company NNPC's exclusive purchasing rights, allowing local traders to purchase petrol directly from the Dangote Oil Refinery, which marked a shift to a more competitive market environment.Finance Minister Adebayo Olawale Edun explained that the new system allows marketers to negotiate directly with refineries, streamlining the supply chain.The move comes after NNPC raised fuel prices by over 15% to reflect market rates, marking the end of a decades-long fuel subsidies program. While the move will free up government finances previously allocated to subsidies, it is expected to have a direct impact on consumers.Earlier, the government approved the sale of crude oil to the Dangote refinery in local currency, aiming to facilitate the transition to a fully deregulated market, with the refinery fully meeting the country's fuel needs.
https://en.sputniknews.africa/20240915/dangote-refinery-delivers-petrol-marking-nigerias-path-to-energy-independence-1068289876.html
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nigeria, west africa, oil, oil pipeline, dangote refinery, dangote group, aliko dangote, economy, energy
nigeria, west africa, oil, oil pipeline, dangote refinery, dangote group, aliko dangote, economy, energy
Nigeria Deregulates Market, Allowing Local Fuel Traders to Buy Petrol Directly From Dangote Refinery
18:50 12.10.2024 (Updated: 12:45 14.10.2024) Ekaterina Shilova
Writer / Editor
The Dangote Oil Refinery, Africa's largest, has a capacity of 650,000 barrels per day and is expected to reduce Nigeria's reliance on imported oil products.
The West African country's government eliminated state-owned oil company NNPC's exclusive purchasing rights, allowing local traders to purchase petrol directly from the Dangote Oil Refinery, which marked a shift to a more competitive market environment.
Finance Minister Adebayo Olawale Edun explained that the new system allows marketers to negotiate directly with refineries, streamlining the supply chain.
The move comes after NNPC raised fuel prices by over 15% to reflect market rates, marking the end of a decades-long
fuel subsidies program. While the move will free up government finances previously allocated to subsidies, it is expected to have a direct impact on consumers.
Earlier, the government approved
the sale of crude oil to the Dangote refinery in local currency, aiming to facilitate the transition to a fully deregulated market, with the refinery fully meeting the country's fuel needs.
