Subsidy: Oil Marketers Plan Petrol Import As CBN Floats Forex

After the Central Bank of Nigeria, often known as the CBN, liberalized the country's foreign exchange rates, oil marketers stepped up their efforts to get more gasoline into the country from other countries.

Because of the existence of numerous foreign exchange rates and other issues, the distributors were unable to import the product, and as a result, they were forced to rely on NNPC Limited for their domestic supply needs.

However, as a result of the actions taken by the CBN, the oil marketers who spoke with Vanguard yesterday expressed optimism that their first shipment will arrive in the country within the next few weeks. This was in response to the CBN's actions.

According to Clement Isong, the Chief Executive Officer and Executive Secretary of the Major Oil Marketers Association of Nigeria (MOMAN), "We intend to import in the next few weeks."

In a same vein, Adetunji Oyebanji, Managing Director and Chief Executive Officer of 11 Plc, stated, "We will take a look. I believe that we are getting closer to one another than ever before."

Chinedu Okoronkwo, the National President of the Independent Petroleum Marketers group of Nigeria (IPMAN), stated that the group was currently weighing the pros and cons of importing at this time.

Dame Winifred Akpani, the Chairman of the Depots and Petroleum Products Marketers Association of Nigeria, DAPPMAN, led a group of stakeholders on a visit to President Bola Tinubu. During their meeting, Dame Winifred Akpani charged President Tinubu with adopting steps that are capable of resolving fuel crises in the country and achieving stability in Nigeria's downstream sector.

Also Read: Naira Depreciates To N664.04/$ As CBN Lifts Restrictions

She had previously stated that "Our further humble request to the president is that all dues and levies to government agencies, particularly NPA Plc and NIMASA, be reduced to the barest minimum and payable in naira." The strain on our foreign currency rate reserve will be significantly reduced as a result of this, and the price of gasoline at the pump will be maintained.

"Until we have achieved market stability, all fees and taxes that are imposed by the regulator, NMDPRA, in accordance with the provisions of the Petroleum Industry Act, PIA 2021, shall be suspended. “It is recommended that NNPC Limited eliminate the requirement that all purchases provide a security deposit of 2.5% because they have an excessive amount of buyers. The language in the PIA 2021 that restricts importation to only enterprises who have active local refining permits and/or proven track records of international crude oil and petroleum products trading should be revised by the government. This revision should take place before the PIA 2021 goes into effect.

In conclusion, we would like to say that we believe that stability in the petroleum business will eventually lead to the change in energy that is so much required.

We expect that our reliance on fossil fuels will decrease, which will lead to an increase in investment and a more rapid development of gas and electricity as alternative sources of energy.

"We thank you once more for this opportunity, and we pray that our dearly loved nation will experience both sustainable growth and economic prosperity as a result of your wise leadership."


Jenny Young

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Jonah Ekeh 48 w

Good delivery