The marketers have accused the Nigerian National Petroleum Company Limited (NNPCL) of tactically retaining monopoly of products importation to swing the
To avert what may lead to another round of scarcity across the country, LEADERSHIP gathered that stakeholders in the industry are gathering in Abuja today to engage the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA to seek proper interpretation of licence issuance with regard to product import.
An impeccable industry source, who confided in our Correspondent, said the situation may lead to marketers rejecting NNPCL products if government refuses to fully liberate the market. “If the PIA seeks to fully deregulate the market, then it would be ready to allow competition and create a level playing field. What we are asking is that government should not allow NNPCL to access foreign exchange at official exchange rate and expect independent or major marketers to source forex from the parallel market.
“Again, the issuance of import licence should not be the responsibility of the NNPCL, but the NMDPRA, whose responsibility it is to create all the needed opportunities for the market to thrive,” our source said. Our source said the emergency gathering in Abuja will determine where the market will swing in the next few days.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NNPCL issues directive to marketers on refund, new priceThe Nigerian National Petroleum Company Limited has issued a fresh circular to oil marketers on how much they will pay to get petroleum products.
Read more »
CPPE Charges NNPCL To Adjust Petrol Pump PriceThe Centre For the Promotion of Private Enterprise (CPPE), has suggested that the Nigerian National Petroleum Company Limited(NNPCL), considers a direct
Read more »
NNPCL issues oil marketers fresh directive on refund, new price | The Guardian Nigeria News - Nigeria and World NewsThe Nigerian National Petroleum Company Limited (NNPCL) has issued a fresh directive to oil marketers on how to go about getting their refunds and the new prices of petroleum products.
Read more »
Gov Eno to meet petroleum marketers on palliatives for subsidy removalThe governor of Akwa Ibom State, Pastor Umo Eno, has disclosed his intentions to meet with petroleum product marketers in the state to discuss how to
Read more »
Stakeholders Move To Improve Nigeria’s $17bn Leather Value ChainThe stakeholders in the leather industry have strengthened their commitment to upgrade the sector, which it said occupies a very strategic position in the
Read more »
MLS: Carlos Vela warns Messi over planned move to Inter MiamiLos Angeles FC player, Carlos Vela, has warned Lionel Messi after it was confirmed that the Argentina World Cup winner was going to join Major League
Read more »