Thursday, January 21, 2021
21.5 C
Abuja
Thursday, January 21, 2021

PPPRA clears marketers to import petrol

Must read

Saudi Arabia vindicated as pandemic hits global oil demand

For Saudi Arabia, bad news in the oil market has rarely been such a vindication. Two weeks ago, the world’s biggest crude exporter stunned energy...

African 2021 Bid Rounds Seek to Offer Competitive Edge

By Charné Hundermark, Southern and East Africa Editor on January 20, 2021 As Africa moves forward on its path toward a post-COVID-19 recovery, oil-producing countries...

Bank of Canada holds rates and boosts outlook

The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate...

“Wide misalignment” between traditional VC models and African market

East African venture advisory firm Kinyungu Ventures has published a white paper detailing what it says is a “misalignment” between traditional venture capital models...

Okechukwu Nnodim, Abuja

Private oil marketers have now joined the Nigerian National Petroleum Corporation in the importation of petrol.

It was gathered from the Petroleum Products Pricing Regulatory Agency on Tuesday in Abuja that permits had been given to several marketers to start importing petrol alongside the NNPC.

Before the downstream oil sector was liberalised in March this year, the NNPC used to be the sole importer of petrol, a task it handled for more than two years.

Speaking with our correspondent in Abuja on Tuesday, the General Manager, Corporate Services, PPPRA, Kimchi Apollo, said the sole petrol importer status of the NNPC had changed, as his agency recently gave various oil dealers permission to import.

He said, “Well, as far as I am concerned, many of them (marketers) have gone to import because they took QMs from us to bring in products and I am sure they are doing that already.

“The QM is just like a pass to go and bring in products. You come to us to say you want to bring in products and then we say go ahead based on the pass that we give.”

Apollo added, “So, some marketers came and they got the go-ahead permit to bring in products. So, they will be bringing in products.”

He explained that the market had been liberalised, with both the NNPC and other marketers now shopping for refined petroleum products from international refiners.

“The market now is such that both the NNPC and other marketers are on the same level of going to buy from the international market to sell to final consumers,” the GM stated.

He said all qualified marketers who approached the agency and had the competence to import petrol were cleared for such operations.

Apollo also noted that the agency had been working with the Central Bank of Nigeria to make foreign exchange available to marketers for petrol imports.

He said, “Both major marketers and others who have the competence to bring in products have been given QMs to do so. However, there are yardsticks that should be met before any marketer can bring in products.

“Also, the PPPRA is doing its best to liaise with the CBN to ensure that marketers are not discriminated against. They too should have access to forex as much as the NNPC. So they should have a level playing ground.”

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

Saudi Arabia vindicated as pandemic hits global oil demand

For Saudi Arabia, bad news in the oil market has rarely been such a vindication. Two weeks ago, the world’s biggest crude exporter stunned energy...

African 2021 Bid Rounds Seek to Offer Competitive Edge

By Charné Hundermark, Southern and East Africa Editor on January 20, 2021 As Africa moves forward on its path toward a post-COVID-19 recovery, oil-producing countries...

Bank of Canada holds rates and boosts outlook

The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate...

“Wide misalignment” between traditional VC models and African market

East African venture advisory firm Kinyungu Ventures has published a white paper detailing what it says is a “misalignment” between traditional venture capital models...

Saudi Arabia Remained China’s Top Oil Supplier In 2020

Saudi Arabia narrowly beat Russia to hold onto the title of the single largest oil supplier to the world’s biggest...