July 16, 2024

Fuel subsidy removal: Three oil marketers to begin importation of petrol in July

Oredola Adeola
Three oil marketers that have been issued licenses to import petroleum products into the country are expected to commence operations from July 2023.
This was revealed by the Nigerian Midstream and Downstream Petroleum Authority (NMDPRA) after Wednesday meeting with oil marketing companies to raise awareness of the Petroleum Industry Act (PIA) requirements regarding the full deregulation and importation of petrol.
Engr. Farouk Ahmed, NMDPRA Chief Executive, while addressing the marketers said that three oil marketers will start importing petroleum products from July this year into the country.
The ACE however failed to provide further details of the three companies.
Mr. Kimchi Apollo, NMDPRA spokesperson, in a phone conversation with EnergyDay said the details of the companies are not available as of the period of filling this report. He however promised to provide the details as soon as possible.
Meanwhile, the Authority Chief Executive (ACE) stated that the Authority is committed to ensuring petroleum products standardization to prevent situations where consumers might be cheated through the importation of off-spec products into the country.
He said the Nigerian National Petroleum Company (NNPC) Limited, had agreed to reduce its petrol import volume to give room for other players in the industry.
The ACE, therefore, charged any marketer licensed to import petroleum products to comply with set guidelines for the importation of the product.
Ahmed revealed that the oil marketers also agreed to enhance cooperation with security agencies, aiming to facilitate the seamless supply and distribution of petroleum products nationwide.
ACE had in a statement issued in May said the Authority is ready to issue licenses to companies interested in importing Petroleum Motor Spirit (PMS) with commitment to dismantle the monopoly enjoyed by the NNPC.
Engr. Ahmed however noted that the criteria for importing kerosene and diesel will be applicable to the importation of fuel.