Petrol Price to Crash as Marketers Set to Import Fuel, Compete With Dangote Refinery
- Before any imported Premium Motor Spirit (PMS) is permitted for sale in Nigeria, it must pass rigorous quality testing
- This week, an estimated 141 million litres of gasoline are anticipated to be imported by three major oil marketers
- These tests will be performed on a regular basis and at the port of entry to guarantee the product's quality and safety
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
A recent announcement from the Nigeria's Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has confirmed that all imported Premium Motor Spirit (PMS) will go through stringent quality inspections before being allowed for sale in Nigeria.
Source: Getty Images
Three major oil marketers are expected to import about 141 million litres of petrol this week following the Federal Government's deregulation of the downstream oil sector.
The NMDPRA states that before the imported gasoline is permitted to enter the Nigerian market, it will undergo a minimum of three thorough testing to make sure it satisfies the necessary criteria.
In order to ensure the product's quality and safety, Tribune reported that these tests will be carried out at the port of entry and periodically.
George Ene-Ita, spokesperson for the NMDPRA, emphasised the importance of these protocols.
“The products must pass through our testing procedures to ensure compliance with the required specifications. Only after meeting these standards will they be authorised for distribution,” he stated.
Each cargo, according to the fuel importers, will bring in roughly 35,000 metric tonnes of PMS. They issued a warning, noting that import timelines and distribution may differ despite the anticipated amount due to regulatory supervision.
In view of the recent spikes in petrol prices that have allowed for more import activity, the NMDPRA's dedication to upholding strict requirements for imported petrol is deemed essential.
NNPC gives reasons marketers cannot lift petrol
Legit.ng reported that according to the Nigerian National Petroleum Company Limited, oil marketers are unable to import or purchase gasoline from the Dangote refinery due to the unviability and lack of cost-effectiveness of the product.
According to Dapo Segun, executive vice president of the downstream division of the NNPC, imports of gasoline were available to everyone.
He stated import licenses had been obtained by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
