Petrol marketers in Nigeria have successfully imported 123.4 million liters of Premium Motor Spirit (PMS), commonly known as petrol.
This importation, confirmed by documents from the Nigerian Port Authority, occurred between October 18 and October 20, with four vessels arriving at key seaports, including Apapa in Lagos and Calabar in Cross River State.
This substantial shipment aims to alleviate the pressing concerns regarding fuel availability and rising prices that have affected consumers in recent months.
Long queues at filling stations and increased public frustration have highlighted the urgent need for a reliable fuel supply.
The latest developments follow previous reports indicating that oil dealers are looking to supplement the supply from the $20 billion Dangote Petroleum Refinery.
Despite the refinery’s capacity, it has been producing only about 10 million liters of petrol daily, significantly below the 25 million liters it initially promised. The marketers’ decision to import additional fuel underscores the current insufficiency in domestic production.
The recent importation includes multiple shipments: the first vessel, carrying 35,000 metric tonnes, arrived at the ASPM jetty on October 18 at 10:13 AM, followed by another vessel with 37,000 metric tonnes later that day.
A third vessel brought in 10,000 metric tonnes, while a fourth arrived at the Eco Marine terminal in Calabar, contributing to a total of 92,000 metric tonnes. With a conversion rate of 1,341 liters per metric tonne, this equates to approximately 123.4 million liters of petrol.
In tandem with these importation efforts, marketers are engaged in ongoing discussions with the Dangote Group.
The goal of these talks is to explore potential collaborations aimed at enhancing fuel distribution efficiency across Nigeria. A partnership with Dangote, which possesses a vast distribution network, could streamline supply chains and improve fuel accessibility for consumers.
George Ene-Ita, spokesperson for the Nigerian Midstream and Downstream Petroleum Regulatory Authority, confirmed that marketers with approved import licenses are permitted to bring in PMS, provided that the products undergo rigorous testing protocols to ensure compliance with safety and quality standards.
As the industry faces the complexities of fuel supply challenges, stakeholders are hopeful that the timely arrival of the 123 million liters, combined with strategic partnerships, will lead to greater stability in fuel prices and availability. Market analysts are closely monitoring these developments, anticipating that enhanced supply mechanisms will result in fewer disruptions and more competitive pricing for consumers in the weeks ahead.
The collective actions of petrol marketers, alongside the discussions with Dangote, signify a proactive approach to safeguarding consumer interests and stabilising Nigeria’s national fuel market amid ongoing economic pressures.
