Petrol Prices to Come Down as Marketers Begin Importation, Says FG

• The Nigerian government has said that oil marketers have started importing petrol into the country
• Farouk Ahmed, the Chief Executive Officer of NMDPRA stated that about three marketers have already brought petrol while others are coming soon
• He said that about 56 new oil marketers had been licensed to import petrol into Nigeria

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), revealed on Monday, July 17, 2023, that oil marketers have begun the importation of petrol into Nigeria.

Before now, NNPC imported most of the petrol consumed in Nigeria.

But Faroul Ahmed, The Chief Executive Officer of NMDPRA, said that out of the 56 oil marketing firms that applied for licenses, 10 had shown commitment, while three imported fuel into Nigeria.

He listed the three companies, including A.Y. Ashafa, Prudent, and Emadeb, and said more companies would import in the coming weeks.

Ahmed expressed the commitment of the Nigerian government to deregulating the industry in line with the Petroleum Industry Act (PIA).

According to him, the challenges that previously impacted the importation of the product are being addressed.

Vanguard reported that oil marketers recently asked the Nigerian government to tackle insecurity and suspend the 7.5% Value Added Tax (VAT) on diesel as part of the ways required to impact operations in the sector.

They also asked the Nigerian government to address food prices and transportation in the country to impact the well-being of Nigerians through the recent deregulation of the oil sector.

Cheaper fuels coming as FG plans 9,000 filling stations For autogas co-location

Legit.ng reported that it said some fillings stations in Nigeria had been designated as fit-for-purpose stations for autogas.

According to the federal government, there are more than 9,000 licensed filling stations across Nigeria fit for co-location of facilities that dispense autogas fuel.

The Nigerian government disclosed in a communique issued by the Nigerian Institute of Transport Technology (NITT) at the end of a stakeholders’ meeting the provision of a technical workforce and facility for developing and promoting autogas as a transport fuel in Nigeria.

Source: Legit.ng