Subsidy Removal: Oil Marketers Have Imported First Shipment Of PMS – NMDPRA

Subsidy Removal: Oil Marketers Have Imported First Shipment Of PMS – NMDPRA

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that oil marketers have begun importing Premium Motor Spirit (petrol), marking the end of the Nigerian National Petroleum Company (NNPC) Limited’s monopoly.

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This development comes after seven weeks since President Bola Tinubu declared the end of fuel subsidy in his May 29 inaugural address.

According to Farouk Ahmed, the CEO of NMDPRA, out of the 56 oil marketing companies that obtained licenses, 10 have indicated their ability to import petrol in the third quarter of 2023.

Among them, three companies, namely A.Y. Ashafa, Prudent Energy, and Emadeb, have already started importing the product, while others are expected to commence imports between August and September.