Rita Odafe
Three leading oil marketers are expected to receive shipments of imported petrol, known as Premium Motor Spirit (PMS), this week, barring any unexpected issues.
According to PUNCH, around 141 million litres of PMS are set to arrive in Nigeria, following the complete deregulation of the country’s oil sector by the government.
“Dealers noted that the recent increase in petrol prices, initiated by Dangote Petroleum Refinery and the Nigerian National Petroleum Company Limited, has created an opportunity for PMS imports.
“Furthermore, the Nigerian Midstream and Downstream Petroleum Regulatory Authority has announced that all imported PMS must undergo at least three rigorous tests to ensure quality before being sold nationwide,” the report continues.
The NNPC recently disclosed that it would sell petrol sourced from Dangote Refinery at prices exceeding N1,000 per litre in the northern regions.
Spokesperson Olufemi Soneye mentioned in a statement titled, ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’.
Prices may reach N1,019 per litre in Borno State and N999.22 in cities like Abuja, Sokoto, and Kano.
In southern areas such as Oyo and Rivers, the price will be around N960 per litre, while Lagos will see the lowest rate at N950 per litre as indicated by NNPC’s infographic.
On Tuesday, one of the major marketers confirmed that the deregulation of the downstream sector is now fully effective; three distributors are looking forward to receiving their PMS shipments this week.
“A confidential source from the marketing team stated that each vessel will deliver approximately 35,000 metric tonnes of PMS.
“Therefore, with three dealers expecting deliveries, the total estimated quantity will be around 105,000 metric tonnes of PMS, provided all conditions remain favorable.
“Given that one metric tonne equals roughly 1,341 litres, this translates to around 141 million litres of petrol,” the article notes.
“Typically, marketers will import a minimum of three parcels, each starting at 35,000 metric tonnes. Due to business practices, it’s common for marketers to import two to three parcels at a time.
“Currently, we anticipate three marketers to bring in new supplies this week. However, these imports can be uncertain due to varying regulatory influences that remain active. Thus, it’s not just a simple process of bringing in goods and selling them immediately.
“Regulatory bodies like the NMDPRA must assess the quality, flash points, and various other factors before approving the products for entry. Samples will be taken upon arrival for laboratory testing,” the quote concludes.
