IPMAN applies for petrol import licence

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has applied for a licence to import the Premium Motor Spirit (PMS), also known as petrol, to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), The Nation learnt.

Its National Vice President, Alhaji Abubakar Maigandi, who made this known on the phone yesterday, added that the association was discussing with would-be suppliers of the product in Russia and Germany.

“We are struggling to see how we can get our licence for importation. I mean the independent petroleum marketers. We applied last week before Sallah. We have started discussing with our partners; we have started contacting some of the partners that we can work together. Some are in Russia and others are in Germany. They are in different places,” he said.

The complete deregulation of the market aligned with the provisions of the Petroleum Industry Act (PIA) and President Bola Tinubu’s activation with the removal of subsidy on May 29, 2023 have liberalised the business.

The PIA, which restricted the previous sole importer of petrol – the Nigerian National Petroleum Company Limited (NNPCL), to only 30 per cent of the market requirement, has liberalised the market for private operators to ship in the fuel.

Speaking yesterday, Maigandi confirmed that some major marketers, including Dangote, have secured the petrol import licence, but their stock has not arrived in the country.

The National Vice President said: “Nobody has brought in a single litre, although some people have received the licence. Even Dangote has received the licence for importation. So, we are waiting for them to bring the imported product and know what rate they are going to sell it.”

According to him, the prices of petrol have been relatively stable since last week.

He said: “There are no changes. We are still selling at the rate of N537/litre in filling stations and we buy at the rate of N491 to N493 per litre.”

He disclosed that the removal of subsidy which has now removed depot checks has facilitated the loading of petrol at the depot.

Maigandi who noted that the NNPCL no longer sits on their payments after exit from subsidy, however, lamented that the company is yet to pay for tickets which have been outstanding during the subsidy regime.

He noted that despite several requests to the NNPCL, there has been no response.

He said: “It is not difficult to load from the depot. They (NNPCL) are not holding our money now; before they used to hold our money. Even till now NNPC has refused to give us our product we paid for before the subsidy was removed. We have written a letter to the NNPC but till now there is no response.”