Business

Nigerian Oil Marketers Eager to Import Petrol as Central Bank Liberalizes Foreign Exchange Rates


Oil marketers in Nigeria are ramping up their 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 prevalence of multiple exchange rates and various challenges hindered the marketers from importing petrol, forcing them to rely on domestic supplies from NNPC Limited.

However, with the CBN’s new policy, the oil marketers expressed optimism in their discussions with Vanguard, stating that they anticipate the arrival of their first shipment in Nigeria in the coming weeks. Clement Isong, the Chief Executive Officer/ES of the Major Oil Marketers Association of Nigeria (MOMAN), stated, “We intend to import in the next few weeks.”

Adetunji Oyebanji, the Managing Director/CEO of 11 Plc, added, “We will take a look. I think we are getting closer than ever.”

In another interview, Elder Chinedu Okoronkwo, the National President of the Independent Petroleum Association of Nigeria (IPMAN), revealed that the association is currently considering importation.

Furthermore, during a visit to President Bola Tinubu, Dame Winifred Akpani, the Chairman of Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), led stakeholders in urging the adoption of measures to resolve the fuel crisis and achieve stability in Nigeria’s downstream sector.

Akpani requested that all dues and levies to government agencies, particularly NPA Plc and NIMASA, be reduced to the barest minimum and payable in naira. This would alleviate pressure on foreign exchange reserves and help control the pump price of petrol. She also called for the suspension of charges and taxes imposed by the regulator, NMDPRA, as stipulated in the Petroleum Industry Act (PIA) of 2021 until market stability is achieved. Additionally, she proposed scrapping the 2.5% security deposit requested by NNPC Limited for all purchases, citing that it unnecessarily burdens marketers.

Furthermore, the government was urged to revise the clause in the PIA 2021 that restricts importation to only companies with active local refining licenses and/or a proven track record of international crude oil and petroleum products trading.

In conclusion, the stakeholders emphasized that stability in the petroleum industry would pave the way for much-needed energy transition, reducing dependence on fossil fuels and facilitating greater investments in gas and electricity as alternative energy sources. They expressed gratitude for the opportunity and prayed for sustainable growth and economic prosperity under the astute leadership of President Bola Tinubu, wishing blessings upon the Federal Republic of Nigeria.
1 year ago
Adeyinka Arutu

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