Sunday, September 24, 2023

Oil Marketers Bring In First Shipment Of PMS After Subsidy Removal (Video)

Seven weeks after the announcement of the removal of the fuel subsidy was made by President Bola Tinubu, three oil marketing companies finally succeeded in importing Premium Motor Spirit (petrol).

The new development had broken the monopoly of the Nigerian National Petroleum Company (NNPC) Limited as the sole importer of the product before the end of the fuel subsidy regime.

According to Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), 10 of the 56 oil marketing companies that applied for licensing for importation had shown interest.

The NMDPRA Chief Executive Officer, Farouk Ahmed, made the revelation on Monday during a stakeholder engagement in Lagos.

He said the three companies currently importing the product are A.Y. Ashafa, Prudent Energy, and Emadeb, adding that others would import between August and September.

See the video of Ahmed’s interview below:

Related Post  Access Bank Acquires Another Bank in Angola, Moves to Dominate Africa
- Advertisment -