The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has revealed that oil marketers have initiated the importation of Premium Motor Spirit (petrol). This significant development comes after a full seven weeks following President Bola Tinubu’s May 29 inaugural address, where he declared the removal of fuel subsidies. Consequently, the monopoly held by the Nigerian National Petroleum Company (NNPC) Limited has now come to an end.
During a stakeholder engagement event in Lagos, Farouk Ahmed, the Chief Executive Officer of NMDPRA, disclosed this information on Monday. Out of the 56 oil marketing companies that applied for and obtained licences, ten have confirmed their capability to import in the third quarter of 2023. Additionally, three of these companies have already received their cargo. The importing companies currently involved are A.Y. Ashafa, Prudent Energy, and Emadeb, while others are expected to commence importation between August and September.