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Tuesday, April 23, 2024

DEREGULATION: Private Companies to Commence Import of Petrol –NNPC

DEREGULATION: Private Companies to Commence Import of Petrol –NNPC

The group general manager, Nigerian National Petroleum Corporation (NNPC), Mele Kyari has said that that upon full implementation of deregulation, he expected that all oil marketing companies would commence import of petrol, thereby lifting the import burden off the corporation.

He said this at the weekly ministerial briefing at the presidential villa, Abuja on Thursday, explaining that government was trying to exit what he described as “under-price sale of PMS”.

He said, “Today, NNPC is the sole importer of PMS. We are importing at market price and we are selling at N162 per litre today.

“Looking at the current market situation today, the actual price could have been anywhere between N211 and around N234 per litre.

He said once that was done, the Direct Sale-Direct Purchase programme would end automatically because market forces would then determine import and export.

He admitted that access to foreign exchange was one of the major reasons why oil marketing companies had not started importing, and said work was ongoing on this in conjunction with the Central Bank of Nigeria.

He said as soon as the issue was sorted out, oil marketing companies would also resume import of petroleum products.


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