Business News of Friday, 20 September 2024

Source: www.legit.ng

Petrol price to crash as marketers set to import fuel, compete with Dangote refinery

Aliko Dangote and fuel station Aliko Dangote and fuel station

A recent announcement from Nigeria's Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has confirmed that all imported Premium Motor Spirit (PMS) will go through stringent quality inspections before being allowed for sale in Nigeria.

Three major oil marketers are expected to import about 141 million litres of petrol this week following the Federal Government's deregulation of the downstream oil sector.

The NMDPRA states that before the imported gasoline is permitted to enter the Nigerian market, it will undergo a minimum of three thorough tests to make sure it satisfies the necessary criteria.

In order to ensure the product's quality and safety, Tribune reported that these tests will be carried out at the port of entry and periodically.

George Ene-Ita, spokesperson for the NMDPRA, emphasised the importance of these protocols.

“The products must pass through our testing procedures to ensure compliance with the required specifications. Only after meeting these standards will they be authorised for distribution,” he stated.

Each cargo, according to the fuel importers, will bring in roughly 35,000 metric tonnes of PMS. They issued a warning, noting that import timelines and distribution may differ despite the anticipated amount due to regulatory supervision.

Given the recent spikes in petrol prices that have allowed for more import activity, the NMDPRA's dedication to upholding strict requirements for imported petrol is deemed essential.