IPMAN: NNPCL, Marketers fuel vessels to arrive next week

Large consignments of petrol imported by major oil marketers are expected to arrive in Nigeria next week and are expected to force down the commodity’s price, both major and independent dealers stated on Sunday.

Following the recent unification of the country’s exchange, which improved operators’ trust, crude oil refiners were currently distributing refined petroleum goods on credit to Nigerian dealers.

This came as the Independent Petroleum Marketers Association of Nigeria told The Punch that they would compete with the Major Oil Marketers Association of Nigeria and the Nigerian National Petroleum Company Limited for petrol imports, emphasizing that this would drive down the price of PMS.

NNPCL was the sole importer of petrol before the removal of subsidy by President Bola Tinubu as other marketers stopped imports due to their inability to access the forex.

Oil marketers asserted at the time that the NNPCL was gaining access to the dollar at a reduced cost, which was unjust and did not support PMS imports by other dealers.

However, with the recent unification of the exchange rate, oil marketers were forced to join in the importation of petrol and confirmed that the products would arrive in Nigeria the next week.

When asked when the products imported by major marketers would arrive in Nigeria, Clement Isong, Executive Secretary of the Major Oil Marketers Association of Nigeria, answered, “I will simply say between the second and third week of July.”

Isong, however, explained that the NNPCL had made a lot of fuel imports, as some of its vessels were still on the way to Nigeria.

“Let me say that NNPCL has imported significantly to prevent the country from running dry. The vessels NNPCL imported are offshore Nigeria, so they have a significant volume, therefore in all circumstances, the country will not run dry.

“So the options everybody has is that they can buy from NNPCL ex-depots or they can go and import from Europe or from other places. The assignment is that you compare your price if you buy from NNPCL or import from Europe.

“More or less, the taste of the pudding is in the eating. So do your calculation as best as you can. But you will only know the full impact when the product is in your tank. If it goes right, it is then that you will know how competitive your price is. The more you do it, the more efficient you become,” Isong stated.