Emadeb Energy has imported 27 milion litres of Premium Motor Spirit(PMS), popularly petrol into the domestic market at a cost of over $17 million.
Chief Executive Officer (CEO) of Emadeb Energy, Mr Debo Olujimi, disclosed this while taking delivery of the PMS cargo at its Ijegun Satellite Depot in Lagos.
The move by Emadeb Energy signals the end of NNPCL monopoly for several years when it assumed the importer of last resort as a result of the inability of major oil marketers to continue petroleum products importation due to Foreign exchange crisis.
Emadeb is one of the oil marketers licensed by the Nigerian Midstream Downstream Petroleum Regulatory Authority(NMDPRA).
“Now that private companies had been granted licences to import petrol, this is actually the way forward. It is a known fact that the increase in price of petrol has been a huge pressure on Nigerians which we all understand
“The only way to address the ongoing challenge is for government to encourage local refining, Having local refineries is the only way forward because foreign exchange determines the price of petrol. As at yesterday, dollar was at N834.
“Government should assist marketers to access dollar on a single CBN E&l window pending when local refineries will be able to work.
“This will be sustainable, so that all marketing companies can pledge on how to import petrol into the country,” he added.
The Emadeb boss commended President Tinubu for deregulating the downstream sector, adding that the company looks forward to a sustainable development in oil and gas sector.
“NNPCL has been the sole supplier and we decided to import to cushion supply. We are a responsible company and we know what Nigerians are passing through. So, we will not inflate price or engage in profiteering of the product because we are God fearing people.
“We urge government to help to find a window where forex is resolved to have a fixed market rate for importation of fuel,” he said.
The Authority Chief Executive, NMDPRA, Mr.Ahmed Farouk, commended Emadeb’s bold step towards importing petrol despite the fluctuation in foreign exchange rate.