Three major oil marketers are set to import about 141 million litres of Premium Motor Spirit (PMS) into Nigeria this week, following the full deregulation of the downstream oil sector by the Federal Government.
This move comes after the recent increase in petrol prices, particularly those sourced from the Dangote Petroleum Refinery, which opened the door for more imports.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) will subject all imported petrol to rigorous testing before sale.
The Nigerian National Petroleum Company Limited (NNPC) had announced that petrol from the Dangote Refinery would sell for as high as N1,019 per litre in some northern states, with prices slightly lower in southern regions, going for as low as N950 in Lagos.
These price changes have spurred major marketers to increase imports, with each vessel expected to bring in about 35,000 metric tonnes of PMS.
However, oil marketers highlighted that regulatory processes remain crucial to the importation process.
The NMDPRA will conduct thorough inspections, including quality tests, before the imported fuel is allowed into the market.
This ensures that products meet the required safety and quality standards before reaching consumers across Nigeria.