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Thursday, July 11, 2024

Deregulation: Emadeb Energy Becomes First Oil Marketer To Bring In 27m Litres Of Petrol

Emadeb Energy Services Limited has become the first oil marketer to take advantage of the deregulated downstream oil sector by bringing in 27 million litres of Premium Motor Spirit (PMS) known as petrol for local consumption.

The vessel, ST NENNE which berthed, at Emadeb Jetty in the Ijegun area of Lagos, is said to cost about 17 million dollars.

Speaking during a brief ceremony in Lagos to unveil the product, the Chief Executive Officer of the company, Debo Olujimi, appealed to the Federal Government to find a special window for the sourcing of foreign exchange for petroleum products.

He said, “We call on the government to help in finding a window where this issues of dollars are resolved and we can have a fixed market rate to bring in this and access this without any condition just for the PMS, then it will go a long way to ease the sufferings of Nigerians.”

Also, Bashir Sadiq, the Executive Director, Corporate Services and Administration of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said deregulation of the oil sector is about opening up the space for more participation.

Sadiq said, “When we talk about deregulation, people just think about increase in price. Actually, it is not; it is opening up the space for more participation.”

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