Three major oil marketers are set to import 141 million liters of petrol into Nigeria this week, following the full deregulation of the downstream oil sector by the Federal Government. This move comes after the Nigerian National Petroleum Company Limited (NNPC) announced plans to sell petrol produced by the Dangote Petroleum Refinery at a price above N1,000/litre in the far north.
According to reports, the recent hike in pump prices has created room for PMS imports. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has declared that all imported PMS will undergo at least three major tests before being allowed for sale across the country.
The NNPC has released estimated pump prices for petrol from the Dangote refinery, ranging from N950 to N1,019 per liter, depending on the region. A major marketer confirmed that three dealers are expecting their products this week, with each vessel carrying approximately 35,000 metric tonnes of PMS.
The marketer emphasized that regulatory authorities, such as NMDPRA, will scrutinize the quality and other factors before allowing the imported products to be sold. This development is expected to increase competition and potentially impact prices in the petroleum market.
