Key players in the country’s downstream sub-sector of the oil and gas industry are seeking access to foreign exchange at a rate that will be friendly to their bottom-line. They also expressed concerns over what they described as haphazard implementation of the Petroleum Industry Act (PIA), especially, with regard to the withdrawal of petrol subsidy.

The marketers have accused the Nigerian National Petroleum Company Limited (NNPCL) of tactically retaining monopoly of products importation to swing the market to its benefit.

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.

The source said if marketers are denied forex and they discover that NNPCL products are higher than what it is signifying, then they will have no option but to reject the products.

The implication would be scarcity which will defeat the aim of the Act.

LEADERSHIP reports that, recently, President Bola Tinubu met with marketers in Abuja to discuss modalities for addressing challenges posed by the subsidy removal.

Addressing newsmen after the meeting, Mrs. Winifred Akpani, chairman of Depot and Petroleum Marketers Association of Nigeria (DAPPMAN), said the courtesy visit was to express the major oil marketers’ utmost support to the federal government.

Universe8888:
So who is the actually the bigger problem we have now,

NNPCL or Marketers?

saintopus:

The CBN!!!

Dreal1247:
When Dangote is already advocating for petroleum import licenses not to be issued to marketers who are not having refineries . Let's watch as the game progresses.

sorextee:
Let price Sha be normal. Things are climbing up yet, our salary is not growing.

melonsgroup:
How can somebody borrow billions of dollars to build a refinery and paid back 70% of the same money when the refinery is yet to produce a single drop of petrol ?

shielaAhmed:
A lot of APC SPONSORED POST are appearing on nairaland lately. Sèun what’s up ?
Answer me ?

shielaAhmed:
A lot of APC SPONSORED POST are appearing on nairaland lately. Sèun what’s up ?







Answer me ?

Dreal1247:
When Dangote is already advocating for petroleum import licenses not to be issued to marketers who are not having refineries. Let's watch as the game progresses.

aspabay:
Wrong news headline.

With deregulation, NNPLC will no longer be the sole importer, anyone can apply for and be granted a license to import and compete with the NNPLC.

So no marketer moves anywhere, it is the expected trend.

aspabay:


When you see good news you claim it is APC sponsored, but when you see bad news you rejoice.

This is not even hatred or lack of patriotism, it is witchcraft in training.

Go for deliverance