The Nigerian National Petroleum Company (NNPC) Limited says it is now the sole importer of petrol into the country, following the foreign exchange crisis the country is bedevilled with.
Group chief executive officer (GCEO) of NNPC Ltd, Mele Kyari, made this known on Monday at the energy and labour summit of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja.
According to Kyari, licensed private oil firms were unable to obtain foreign currency for importation, returning the NNPC Ltd to sole importer status.
“We are the only company importing PMS into the country,” he said.
“None of them (fuel companies) can do it today. That means we can manage the market situation without creating any subsidy environment. But for them, access to foreign exchange is difficult. We have access to FX; we create FX, therefore, we have access to FX and their access to FX is limited.”
He further pointed out that the high cost of diesel would have an adverse effect on petrol as transporters will “jack up the cost of transportation” of the product across the country.
In June 2023, following the removal of the petrol subsidy, NNPC Ltd announced that it was no longer the sole supplier of petrol in the country.
Also, on June 15, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) granted licwnses to oil marketers to commence importation of petroleum products.