Oil marketers in Nigeria are making concerted efforts to import petrol from the global market following the recent liberalization of foreign exchange rates by the Central Bank of Nigeria (CBN).
Previously, the existence of multiple foreign exchange rates and other challenges hindered the marketers from importing petrol, leading to their reliance on domestic supplies from NNPC Limited.
However, with the CBN’s recent action, oil marketers expressed optimism that their first shipment of petrol will arrive in Nigeria in the coming weeks.
Clement Isong, the Chief Executive Officer of the Major Oil Marketers Association of Nigeria (MOMAN), stated their intention to commence imports in the next few weeks.
Similarly, Adetunji Oyebanji, the Managing Director/CEO of 11 Plc, expressed the belief that they are closer than ever to importing petrol.
The Independent Petroleum Association of Nigeria (IPMAN) is also considering importation, according to its National President, Elder Chinedu Okoronkwo.
During a visit to President Bola Tinubu, Dame Winifred Akpani, the Chairman of Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), urged the adoption of measures to end the fuel crisis and stabilize Nigeria’s downstream sector.
Among the requests made by Akpani was a reduction in dues and levies to government agencies, particularly NPA Plc and NIMASA, payable in the local currency to alleviate pressure on foreign exchange reserves and regulate petrol prices.
She also called for the suspension of charges and taxes imposed by the regulator, NMDPRA, as outlined in the Petroleum Industry Act, and the scrapping of the 2.5% security deposit requested by NNPC Limited for all purchases.
Akpani further urged the government to revise the clause in the Petroleum Industry Act that restricts importation to companies with active local refining licenses or proven track records in international crude oil and petroleum products trading.
The stakeholders emphasized that achieving stability in the petroleum industry would pave the way for energy transition, leading to reduced dependence on fossil fuels, increased investment, and faster development of alternative energy sources such as gas and electricity.
They expressed gratitude for the opportunity and conveyed their hopes for sustainable growth and economic prosperity in Nigeria under the leadership of President Bola Tinubu.
