INFORMATION NIGERIA
Major and independent dealers of petrol, Sunday, revealed that large consignments of the product will hit Nigeria from next week and possibly force down its price.
Crude oil refiners, according to Punch, are currently releasing refined petroleum products on credit to dealers from Nigeria, following the recent unification of the country’s exchange, which boosted the confidence of operators.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) also noted that they would compete with the Major Oil Marketers Association of Nigeria (MOMAN) and the Nigerian National Petroleum Company Limited (NNPCL) on the importation of petrol, which would in turn crash the cost of fuel.
Information Nigeria reports that before President Bola Ahmed Tinubu, removed subsidy on petrol, the product was solely imported by NNPCL, as other marketers stopped its imports due to their inability to access the United States dollar.
At the time, oil marketers explained that the NNPCL was accessing the dollar at a lower rate, which was unfair and did not support PMS importation by other dealers.
However, with the recent unification of the exchange rate, oil marketers had to join in the importation of petrol and confirmed that the products should be arriving Nigeria from next week.
Disclosing when the products being imported by major marketers would hit the country, the Executive Secretary, MOMAN, Clement Isong, replied, “I will simply say between the second and third week of July.”
MOMAN 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 the 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.
According to him, MOMAN dealers were accessing the foreign exchange from banks and other sources to aid imports.
“People access forex from different places. Just that it is easier for some people than others. Some people have strong banks, while others have other means of accessing forex. So everyone plays on their strength and ability to access forex.
