Marketers Gives Reasons As 42 Million Liters of Imported Fuel Set To Arrive Nigeria

• Petroleum marketers are expecting a 42-million-litre fuel shipment next week to fill the supply gap
• The new imports, marketers believe, will help support production at the Dangote Refinery and prevent any scarcity
• Depending on the landing cost, Nigerians may see further changes in petrol pump prices at filling stations

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Oil marketers have announced the expected arrival of approximately 42.3 million litres of imported Premium Motor Spirit (PMS), also known as petrol, this week.

The move, the marketers said, will help address the country's fuel needs and ease supply gap issues.

Punch reports that the marketers said they continue importation would continue until the domestic output is adequate to meet Nigerian's needs,

The marketers, therefore, urged local refineries, including the Dangote Petroleum refinery, to increase production as the current level does not fully cover demand.

Punch quoted a major marketer as saying:

"Some of our consignments of PMS arrived last week, and we anticipate another shipment next week, with approximately 32,000 metric tonnes, or 42.3 million litres, of petrol expected."

The reports also indicate that two major marketers are coordinating this joint import, while other distributors had previously imported supplies.

The marketers stressed that deregulation of the petroleum market allowed them to choose between imported fuel and locally produced petrol based on competitive pricing and availability.

The marketer added:

“The consignments are jointly owned and are being imported into the country by major marketers.

"This does not mean that we will not buy from the Dangote refinery. But the fact is that since the market has been deregulated, everyone is now competing.

“So, it is up to you to decide on where to get the product that will enable you to compete effectively. Nobody is disputing that. So, the importation of PMS and other products is not against the fair business practice."

New petrol prices at filling stations

Earlier, Legit.ng reported that Filling stations owned by independent oil marketers have decided to adjust their petrol pump prices.

This development follows the full deregulation of the downstream sector of the petroleum industry.

NNPC filling stations nationwide have adjusted their prices and are now selling above N1,000 per litre.