The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has revealed that oil marketers have commenced the importation of petrol into Nigeria. This marks a significant shift as the Nigerian National Petroleum Corporation (NNPC) had previously been the primary importer of petrol in the country.
Farouk Ahmed, the Chief Executive Officer of NMDPRA, stated that out of 56 oil marketing firms that applied for licenses, 10 have shown commitment, with three already importing fuel into Nigeria. The companies involved in the initial imports are A.Y. Ashafa, Prudent, and Emadeb, and more companies are expected to join in the coming weeks.
Ahmed affirmed the Nigerian government’s dedication to deregulating the oil industry in line with the Petroleum Industry Act (PIA). Efforts are being made to address challenges that have affected petrol importation in the past.
Oil marketers have recently called on the Nigerian government to address issues of insecurity and suspend the 7.5% Value Added Tax (VAT) on diesel as part of the measures to enhance operations in the sector.
