The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) disclosed on October 10, 2023, that over 90 oil marketing companies have been licenced to import petrol into Nigeria, despite being unable to access foreign exchange due to illiquidity in the FX market.
This FX shortage has effectively returned the Nigerian National Petroleum Company (NNPC) as the sole importer of petrol.
At a meeting in Abuja with oil marketers to resolve import and distribution challenges, NMDPRA Chief Executive Farouk Ahmed said:
“We, as regulators, have licenced over 90 marketing companies to import gasoline. We have provided all required support, so there is constant fuel supply in Nigeria.”
The meeting included the Major Oil Marketers Association of Nigeria (MOMAN), NNPC, the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Depot and Petroleum Marketers Association of Nigeria (DAPPMAN), and the Nigerian Association of Road Transport Owners (NARTO).
Afterwards, Ahmed said marketers pledged support to ensure gasoline availability nationwide at affordable prices.
He explained that NMDPRA is engaging with the Central Bank of Nigeria (CBN) to provide marketers with forex access to enable imports and sales at regulated prices.
NNPC Executive VP Downstream, Dapo Segun, assured NNPC’s commitment to make petrol available across Nigeria and support marketers’ imports.
DAPPMAN Chairman Winifred Akpani assured adequate petrol supply and no need to panic. She said the deregulated market’s issues will be resolved through stakeholders’ willingness.
Akpani assured: “There is enough product, and we will ensure people never suffer from higher prices.”