Following the most recent liberalisation of foreign exchange rates by the Central Bank of Nigeria (CBN), oil marketers in Nigeria have increased their efforts to import gasoline from the global market.
The marketers were unable to import the product due to the prevalence of fluctuating foreign exchange rates and other issues, so they were forced to rely on NNPC Limited for domestic supplies.
The oil marketers, however, expressed confidence that their first shipment would arrive in Nigeria in the coming weeks in response to the CBN’s action.
The Chief Executive Officer/ES, Major Oil Marketers Association of Nigeria, MOMAN, Clement Isong, said: “We intend to import in the next few weeks.”
Similarly, the Managing Director/CEO of 11 Plc, Adetunji Oyebanji, said: “We will take a look. I think we are getting closer than ever.”
Elder Chinedu Okoronkwo, National President of IPMAN, the Independent Petroleum Association of Nigeria, stated that the association is currently thinking about importing.
Dame Winifred Akpani, Chairman of the Depots and Petroleum Products Marketers Association of Nigeria, DAPPMAN, who led stakeholders to President Bola Tinubu, had tasked him with implementing measures capable of ending the fuel crisis while achieving stability in Nigeria’s downstream sector.
She said: “Our further humble request to the President is that all dues and levies to government agencies, particularly the NPA Plc and NIMASA, be reduced to the barest minimum and payable in naira. This will drastically reduce the pressure on our foreign exchange reserve and keep the pump price of gasoline in check.
“All charges and taxes imposed by the regulator, NMDPRA, as stipulated in the Petroleum Industry Act, PIA 2021, shall be suspended until we achieve market stability. The 2.5 percent security deposit requested by NNPC Limited for all purchases should be scrapped as they never overload marketers. The government should revise the clause in the PIA 2021 that restricts importation to only companies with active local refining licences and /or proven track records of international crude oil and petroleum products trading.
“In conclusion, we would add that stability in the petroleum industry will ultimately lead to the much-needed energy transition. We anticipate less dependence on fossil fuels, which will result in more investment and faster development of gas and electricity as alternative sources of energy. We thank you once again for this opportunity and pray that our beloved nation will experience sustainable growth and economic prosperity under your astute leadership. May God bless the Federal Republic of Nigeria.”
