The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) have announced that oil marketers have begun the importation of Premium Motor Spirit (commonly known as petrol).
The commencement of petrol importation by oil marketers comes after a span of seven weeks following President Bola Tinubu’s May 29 inaugural address, in which he announced the removal of fuel subsidies.
This recent development marks the end of the monopoly held by the Nigerian National Petroleum Corporation (NNPC) Limited.
During a stakeholder engagement in Lagos, Farouk Ahmed, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), disclosed this information on Monday.
Of the 56 oil marketing companies that applied for and obtained licences, 10 indicated the ability to import in the third quarter of 2023, while three had “landed cargo”, the CEO said.
Ahmed listed the three companies currently importing the product to include, A.Y. Ashafa, Prudent Energy, and Emadeb, adding that others would import between August and September.
