It was gathered on Tuesday that three major oil marketers are expecting vessels of imported Premium Motor Spirit, also known as petrol this week barring any unforeseen circumstance. The marketers said about 141 million litres of PMS are being conveyed to Nigeria by the vessels following the recent full deregulation of the downstream oil sector by the Federal Government.
They also noted that the recent hike in the pump prices of petrol produced by the Dangote Petroleum Refinery and released by the Nigerian National Petroleum Company Limited on Monday had allowed room for PMS imports.
The regulatory body has said that all imported PMS would be subjected to at least three important tests by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) before being allowed into the country.
They added that PMS imports have been made possible by the recent rise in the pump prices of petrol produced by the Dangote Petroleum Refinery and announced by the Nigerian National Petroleum Company Limited on Monday.
NNPC declared on Monday that it would be charging more than N1,000 per litre in the far north for petrol that was removed from the Dangote refinery.
NNPCL spokesperson, Olufemi Soneye, in a statement titled “NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing.”
Soneye added that in Borno State, the price would rise to N1,019 per liter, while in Abuja, Sokoto, Kano, and other places, it could exceed N999.22.
It would cost N960 a liter in Rivers, Oyo, and other Southern states. An infographic released by the NNPC states that N950 is the lowest price in Lagos and the surrounding areas.
In response to this on Tuesday, an influential marketer affirmed that the downstream industry’s deregulation has fully taken hold and emphasized that three dealers are expecting their products (PMS) this week.
The marketer, who spoke confidentially with our correspondent because of due to lack of authorisation to speak on the matter, stated that each vessel would bring in about 35,000 metric tonnes of PMS.
This means the three dealers are expecting about 105,000 metric tonnes of PMS this week, all things being equal.
Going by the conversion rate of 1,341 litres to one metric tonne, it, therefore, implies that the marketers are bringing in about 141 million litres of petrol.
Most marketers often import three parcels for this kind of transaction and the lowest parcel is about 35,000 metric tonnes of PMS. Now, because of how the business is run, you see marketers
culled by Ogboi Elvis
