The Premium Motor Spirit (petrol) importation has started, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
President Bola Tinubu stated that “fuel subsidy is gone” in his inaugural speech on May 29. This has happened seven whole weeks later.
With this most recent development, the Nigerian National Petroleum Company (NNPC) Limited’s monopoly is no longer in effect.
During a stakeholder interaction on Monday in Lagos, Farouk Ahmed, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, or NMDPRA, revealed the information.
The CEO reported that of the 56 oil marketing companies that applied for and were granted licenses, 10 said they would be able to import in the third quarter of 2023 and three had “landed cargo.”
A.Y. Ashafa, Prudent Energy, and Emadeb are the three companies Ahmed cited as currently importing the commodity. He also mentioned that additional companies would import between August and September.