...as Marketers 27M Liters Fuel Vessel Arrives Nigeria.
The Petrol hike in the nation that have been hearing up the polity will soon be a thing of the past . This heart warming hope is due to the arrival of the first batch of 27million liters of Petroleum Motor Spirit (PMS) imported by Independent Petroleum Marketers into Nigeria putting an end to Monopoly market once enjoyed by Nigeria National Petroleum Company (NNPC) LTD.
The Vessel, St. Nene which was billed to arrive last week was delayed by bad weather condition finally birthed at ijegun Egba on Wednesday.
The Vessel was imported by Emadeb Energy Chief executive Officer, Adebowale Olujimi and his bank partners at the cost of $17m( N13B). This deal was sponsored by five financial institutions. Polaris Bank, Union Bank, First Bank, Fidelity bank and Access Bank.
Before now, The NNPC had enjoyed monopoly of oil market for many years by singlehandedly importing petrol used in Nigeria at their own prices. Since the end of subsidy which cost the country twelve trillion naira annually, PMS has risen from #180 naira per liter to #640 per liter as at today. Petrol importation is not the best way for a country to survive. The rise of fuel pump price to #600 yesterday and #700 in some areas per liter is a clear indication that lots of money is involved in the importation.
Meaning that the only way forward is for our local refineries to be re activated.
Representing the Chief Executive officer, the Nigeria Midstream and downstream Petroleum Regulatory Authority, Farouk Ahmed, Mr. Sadiq Bashir lauded the development as an important milestone since the deregulation of downstream sector.
"This is what we have been anticipating " he said. When we talk about deregulation, people think it's all about price increases. Although price increase would be determined by market dynamics, deregulation opens up market opportunity for other players to come in, he concluded. He explained that there would be teething problem at first, however, if other players are allowed to move in, prices would eventually go down due to competition. He assured that the NMDPRA will continue to ensure quality control of products being sold to the general public.
In his speech, the General Secretary of National Union Of Petroleum and Natural Gas workers, Afolabi Olawale said that the local refineries are another avenue to reduce the imminent increase in the petrol price.
He said that Nigeria should not allow it's economy be determined by importation of goods which include Petroleum products. " If you we want to deregulate, we should not go for importation", he opined.
He urged the government to speed up with parliatives as the increase in petrol is really bringing untold hardship on the citizens of Nigeria and advised that the marketers shun excessive profit making.
In his speech, the National Controller Operations, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi assured that Issuance of licences to Independent marketers to import fuel would breed healthy competition and reduce increase in petroleum products in the downstream sector. He then adviced marketers not to use the opportunity to rip off their customers but to be fair with prices and dispense correct quantity .
