Three Marketers Plan to Import 141 Million Litres of Petrol.
Three major oil marketers are anticipating the arrival of imported Premium Motor Spirit, commonly referred to as petrol, this week, provided there are no unforeseen issues. Reports indicate that around 141 million litres of PMS are en route to Nigeria, following the complete deregulation of the downstream oil sector by the Federal Government.
Dealers have pointed out that the recent increase in petrol prices, which was set by the Dangote Petroleum Refinery and announced by the Nigerian National Petroleum Company Limited on Monday, has created an opportunity for PMS imports. This shift in pricing has been significant in the current market landscape.
Additionally, the Nigerian Midstream and Downstream Petroleum Regulatory Authority has stated that all imported PMS will undergo at least three major tests by the agency before being permitted for sale throughout the country. This regulatory measure aims to ensure quality control and safety for consumers.
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On Monday, NNPC revealed that it would sell petrol sourced from the Dangote refinery at prices exceeding N1,000 per litre in the northern regions. The spokesperson, Olufemi Soneye, shared details in a statement titled, “NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing.”
Soneye indicated that prices could reach as high as N1,019 per litre in Borno State and N999.22 in cities like Abuja, Sokoto, and Kano. In contrast, areas in Oyo, Rivers, and other southern regions will see prices set at N960 per litre, while the lowest price reported is N950 in Lagos and its surrounding areas.
In response to these developments, a major marketer confirmed that the deregulation of the downstream sector is now fully in effect. The marketer, who requested anonymity due to restrictions on speaking publicly, mentioned that three dealers are expecting their PMS shipments this week.
Each vessel is projected to deliver approximately 35,000 metric tonnes of PMS, meaning that collectively, the three dealers are anticipating a total of around 105,000 metric tonnes of PMS this week, assuming all goes as planned.
