Three Marketing Firms To Import 141m Litres Of Petrol

Three major oil marketers are anticipating the arrival of vessels carrying imported Premium Motor Spirit (PMS), commonly known as petrol, this week, barring any unforeseen circumstances.

Industry insiders revealed that approximately 141 million litres of PMS are en route to Nigeria, a development facilitated by the full deregulation of the downstream oil sector by the Federal Government.

This deregulation has enabled room for increased PMS imports, particularly following a recent hike in pump prices set by the Dangote Petroleum Refinery and the Nigerian National Petroleum Company Limited (NNPC).

In an official announcement, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) stated that all imported PMS will undergo at least three critical tests before being permitted for sale nationwide.

On Monday, NNPC indicated that petrol sourced from the Dangote refinery would be priced above N1,000 per litre in the northern regions.

Spokesperson Olufemi Soneye disclosed in a statement titled “NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing” that prices could reach as high as N1,019 per litre in Borno State and N999.22 in Abuja, Sokoto, and Kano.

In southern states like Oyo and Rivers, the price is set at N960 per litre, with Lagos and surrounding areas seeing the lowest price at N950.

Responding to these developments, a major marketer confirmed the complete establishment of deregulation in the downstream sector, noting that three dealers expect deliveries of PMS this week.

Speaking on condition of anonymity due to a lack of authorization, the marketer indicated that each vessel would carry approximately 35,000 metric tonnes of PMS, resulting in a total expected import of about 105,000 metric tonnes among the three dealers.

Given the conversion rate of 1,341 litres per metric tonne, this equates to roughly 141 million litres of petrol.

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“Typically, marketers import in parcels of three, with each parcel being a minimum of 35,000 metric tonnes.

“This week, we anticipate three marketers to bring in products.

“However, these imports are not guaranteed; regulatory influences remain significant,” the marketer explained.

The source emphasized that regulatory bodies, including the NMDPRA, must assess the quality and specifications of the product prior to its entry into the market.

Upon arrival, samples will be taken for laboratory testing.

Regarding the timing of these imports, the dealer noted, “Not all marketers will land three parcels simultaneously.

“They usually bring in one parcel initially, followed by subsequent deliveries, potentially a week apart.

“The logistics of storage play a critical role in this process; importing is not as straightforward as bringing in smaller quantities”.

When reached for comment, NMDPRA spokesperson George Ene-Ita confirmed that marketers with approved import licenses are permitted to import PMS.

However, he stressed that all products must pass rigorous testing protocols at the ports to ensure compliance with specified standards before authorization for offloading is granted.

“The products will undergo testing at their point of origin. Upon arrival, additional tests will be conducted to confirm that they meet the required specifications before being released for market sale,” he stated.

Meanwhile, The Management of the University of Benin says the three students of the institution, rescued from the collapsed storey building at Ekosodin neighbouring community were in stable condition in hospital.

The management disclosed this, in a statement, on Saturday in Benin.