• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Wednesday, June 4, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

First marketer’s fuel vessel arrives in Nigeria

Fuel

The Matters Press by The Matters Press
July 20, 2023
Reading Time: 2 mins read
0
Tantita Security intercepts rogue vessel with 800,000 litres stolen crude oil

The first batch of petrol, 27 million litres, imported by an independent marketer has arrived in Nigeria.

RELATED POSTS

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

FCT ground rent!: Check your name if you own property

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

The importation of refined petrol by a marketer has put to an end, the monopoly hitherto enjoyed by the Nigerian National Petroleum Company Limited.

The vessel, ST Nnene earlier billed to arrive since last week, but was held down off Lome waters due to adverse weather, birthed at Ijegun-Egba on Wednesday.

ST Nnene, had cost Emadeb Energy’s Chief Executive Officer, Adebowale Olujimi, and its bank partners of $17m (about N13b) to hire.

Five financial institutions- Polaris, First Bank, Union Bank, Access Bank and Fidelity bank bankrolled the deal.

This was as foreign exchange rose from N745 to one dollar three weeks ago, to N845 as of Tuesday, and crude price rising to $80 per barrel as of 1:45pm Nigerian time on Wednesday.

Until now, state oil firm NNPCL had enjoyed a monopoly downstream market for years. The firm had singlehanded imported petrol consumed in-country, and had dictated prices.

Since the end of subsidies which cost the country about N12tn, prices of petrol had risen from an average of between N180/N200 per litre, to N614 per litre as of Tuesday.

While speaking at the ceremony, Olujimi said petrol importation was no longer sustainable.

According to him, resuscitating local refining was the way to go.

“Petrol importation is not a sustainable way for a country to run. From what we saw yesterday when PMS price rose to over N600 per litre, it is an indication that the dynamics of the business is a tough one. It requires huge US dollars to bring in this. The way forward is for local refineries to be revived,” he said.

Representing the Chief Executive Officer, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, Sadiq Bashir, explained that the development was an important milestone since the downstream sector was deregulated.

“This is what we have been looking forward to. When we talk about deregulation, people think it’s all about increasing prices. No. Although prices would now be determined by market dynamics, deregulation also opens up the market for other players to come in.

“Yes, we would experience teething problems at first; however, if market forces are allowed to come into play, prices would eventually go down due to high competition. We assure that NMDPRA would continue to ensure quality control of products being sold to the public.”

General Secretary, the Natural Union of Petroleum and Natural Gas Workers, Afolabi Olawale, also canvassed for local refining.

He said: “If we want to go for deregulation, we should not go for importation. We should not submit our economy to be determined by foreign firms. But since we are there now, the government needs to speed up on palliatives because things are hard on everybody. We also enjoin marketers to shun excessive profiteering.”

The National Controller Operations, the Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, said issuing licences to independent marketers to import would give rise to competition and fairness in the downstream sector.

He advised marketers to satisfy their customers by selling at fair prices, and dispensing the correct quantity.

Punch

Tags: FuelVessel
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

FCT ground rent!: Check your name if you own property

June 3, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
President Tinubu outlines new economic, monetary, foreign policies
Economy/Technology

CUPP goofs over President Tinubu’s 2027 endorsement by governors

June 2, 2025
Next Post
2020 Finance Bill prescribes tax incentives

Multiple taxation forces investors to import goods

New Customs focuses on simplified trade processes

Customs creates platform to resolve issues

Recommended Stories

Deep blue project excites LCCI

Osinbajo urges promotion of blue economy project

January 19, 2022
Shettima urges members of NCP to ensure good lives through privatisation

Private sector has big role to play in Nigeria’s development — Shettima

December 17, 2023
Food shortage: Nigeria bans foreigners from direct purchase of produce from farmers

Nigeria tackles food inflation with accelerated approval of 500,000 hectares for cultivation

January 31, 2024

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property
  • Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us