Business
NMDPRA Licences Six Petrol Importers to Boost Stability
NMDPRA petrol importers list unveiled as six firms get licences to stabilise Nigeria’s fuel supply and reduce market volatility
The Nigerian Midstream and Downstream Petroleum Regulatory Authority has licensed six firms to import petrol into Nigeria, a move aimed at strengthening supply stability and improving distribution flexibility in the downstream sector.
Also read: Nigeria Stock Market Surges Strongly by N1.1 Trillion
The regulator named Pinnacle, AYM Shafa, Matrix, Rano, and NIPCO among the approved marketers authorised to bring in fuel.
The decision follows earlier indications that selected firms would each import about 30,000 metric tonnes of petrol.
The development comes amid shifting supply dynamics, with the Dangote Refinery currently supplying about 92 per cent of Nigeria’s fuel consumption, significantly reducing reliance on imports.
Industry stakeholders say the introduction of additional importers will create alternative supply channels and enhance resilience, especially during periods of global price volatility. The measure is also expected to support a more balanced market structure.
Experts note that a combination of local refining and controlled imports could help moderate petrol prices and ensure steady availability nationwide.
The policy direction aligns with efforts to maintain continuity in supply while domestic refining capacity expands.
Recent data indicates that petrol landing costs have fallen below the refinery’s price by about N94 per litre, intensifying competition within the market.
Analysts believe the licensing decision could cushion price pressures and deliver a stabilising effect.
Also read: Bayo Faleke hosts inspiring Ibadan media lecture
The move also follows emerging tensions over import licences, with the Dangote Refinery reportedly considering exporting refined products, a development that could tighten local supply if implemented.
President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.
Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.
The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.
“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”
The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.
The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.
Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.
AICL GMD Maureen Tamuno calls for stronger diaspora investment in Africa through trust, transparency, skills transfer and sustainable partnerships
-
Politics3 years ago
13 Ondo Assembly Members Disown Endorsement of Aiyedatiwa
-
Politics3 years ago
APC Group, Ondo Govt, Quarrel Over Money for Endorsement
-
Trending News5 years agoStop unsavoury, inciting statements – DSS warns
-
Others5 years agoAdron Homes Celebrates 10 Years Of Housing Excellence
-
Humanity5 years agoPresident Buhari Commiserates With Ambassador Maureen Tamuno Over The Loss Of Her Father
-
Others7 years agoEX- CUSTOMS BOSS, IBRAHIM MERA’S DWINDLING FAME
-
Business3 years agoBigi Carbonated Soft Drinks Treats 40 Consumers to an Epic Easter Movie Hangout
-
Business2 years agoWema Bank Shines at Global SME Finance Forum Conference Awards 2024 …Awarded: • SME Financier of the Year (Africa) • Platinum Award for Best Financier for Women Entrepreneurs (Africa)