Major Marketers Set to Import 141 Million Litres of Petrol

Report have emerged that three major oil marketers in Nigeria are set to receive vessels carrying a total of 141 million litres of imported petrol this week.

This development comes despite the availability of petroleum from the local Dangote refinery. The importation is a result of the Federal Government's full deregulation of the downstream oil sector, which now permits the importation of Premium Motor Spirit (PMS).

According to the report, each vessel will carry approximately 35,000 metric tonnes of PMS. A major marketer confirmed to the publication that "the deregulation of the sector had fully started," and he, along with his colleagues, are expecting their products this week. Typically, each marketer imports three parcels per transaction, with the smallest parcel being about 35,000 metric tonnes.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has mandated that all imported PMS undergo at least three major tests before being allowed for sale across the country. These tests include assessments of quality and flash points to ensure safety and compliance with regulatory standards.

The marketer explained, "The regulators, such as the NMDPRA, have to look at the quality, flash points and so many other things that should be taken into consideration before the product comes in. And when it lands, they will take samples and check them in their labs."

This move follows the recent hike in pump prices for petrol produced by the Dangote Petroleum Refinery, which was released by the Nigerian National Petroleum Company Limited (NNPCL) on Monday, September 16. The NNPCL announced that it would sell the petrol refined at the Dangote refinery at a price above N1,000/litre in the north, with the lowest price being N950 in Lagos and its environs.

The marketer further elaborated on the logistics of the importation process, stating, "All of them are not going to bring in the three parcels at the same time. They bring in a parcel first and later, say in one week's time or so, another parcel comes in. All these imports have storage implications. It is not something you do in a day. You can’t bring in one vessel today (Tuesday) and you bring in another one on Saturday. No, it is not done like that. This is not the importation of 20,000 or 30,000 litres of PMS."