Petrol prices to come down as marketers begin importation, says FG

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), revealed on Monday, July 17, 2023, that oil marketers have begun the importation of petrol into Nigeria.

Before now, NNPC imported most of the petrol consumed in Nigeria.

But Faroul Ahmed, The Chief Executive Officer of NMDPRA, said that out of the 56 oil marketing firms that applied for licenses, 10 had shown commitment, while three imported fuel into Nigeria.

He listed the three companies, including A.Y. Ashafa, Prudent, and Emadeb, and said more companies would import in the coming weeks.

Ahmed expressed the commitment of the Nigerian government to deregulating the industry in line with the Petroleum Industry Act (PIA).

According to him, the challenges that previously impacted the importation of the product are being addressed.

Vanguard reported that oil marketers recently asked the Nigerian government to tackle insecurity and suspend the 7.5% Value Added Tax (VAT) on diesel as part of the ways required to impact operations in the sector.

They also asked the Nigerian government to address food prices and transportation in the country to impact the well-being of Nigerians through the recent deregulation of the oil sector.