Oil marketers have projected that the ex-depot price of Premium Motor Spirit, popularly called petrol, would hit N515/litre once they source foreign exchange rate at the parallel market for the importation of PMS.
“If I were to look at it from their point of view – and I am not holding brief for either the NNPCL or NMDPRA – they have both spoken within the scope of their offices. The FX issue is not really theirs to solve. That is a ministry of finance issue and a CBN policy issue to solve. In a way, if you are to take them exactly by what they said, they have spoken like government persons.
When asked what he felt could be done, he said, “The first thing is to give a percentage that, for example, MOMAN members could import this particular percentage. I think we need a framework that really shows the build-up cost for everything. We need to make it in a way that NIMASA, NPA and all other charges are transparent to all the players.”
“The market is now open for everybody that wants to import as far as they meet all the requirements. So, it is not about the NNPC alone. For everybody in the sector, we make sure we guide their operations whether at the depot or wherever the product. The NMDPRA boss also revealed that the Federal Government had officially scrapped petroleum equalisation as well as the national transport allowance.
“Anyone willing to open a letter of credit from any part of the world can do that to import. That marketers can source their forex from anywhere is the beauty of the liberalised market that the NMDPRA has introduced based on the provision of the law.”
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