NNPC regains sole importer status as oil marketers battle FX constraints | TheCable

Nigeria's independent online newspaper

The Nigerian National Petroleum Company Limited says it has regained its status as the sole importer of petrol into the country.

Mele Kyari, group chief executive officer of NNPC, spoke on Monday at the energy and labour summit of thePrior to the announcement, the company served as the country’s last-resort supplier, ensuring a steady distribution of petroleum products.about 27 million litres of petrol into the country on July 20, making it the first private company to do so in the post-subsidy regime.“We are the only company importing PMS into the country,” he said.

“None of them 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.”have an adverse effect on petrol as transporters will “jack up the cost of transportation” of the product across the country.

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