Oil marketers begin importation for second quarter

The 42 oil marketers licensed to import fuel for the second quarter of the year have begun importation of the product, an official of the Petroleum Products Pricing Regulatory Agency (PPPRA) has said.

The official, who pleaded anonymity, said in Abuja on Thursday that the marketers, who were issued licenses in March, have started importing products to avoid scarcity.

“The marketers have started importing fuel for the second quarter and this will ensure there is no scarcity of the product in the country,” he said.

In March, 42 oil marketers were granted licenses by the PPPRA to import 4.8 billion litres of petrol for the second quarter of the year.

The official said the agency has put stringent measures in place that would ensure that marketers are transparent and follow due process in the importation.

He said one of the measures is reinforcing the independent inspectors at the ports and ensuring that all imports are accompanied with letters of credit.

Okowa Campaign AD

The official said holders of the permit would also be required to furnish the PPPRA with daily records of products loading, evacuation from designated depots for accountability and effective supply.

He said that it is no longer business as usual as the agency is ready to sanction any marketer who fails to deliver the approved volume of product.

He added that the agency would soon hold its quarterly meeting with marketers and other stakeholders in the sector to fine-tune any grey areas.

“We will soon hold our quarterly meeting to fine-tune all these details. I will be able to give you details of the process after the meeting,” the official said.

He expressed optimism that all the measures would ensure better accountability and transparency in the importation process.

Earlier, the Executive Secretary of PPPRA, Reginald Stanley, said that the agency sanctioned a Switzerland oil trading company, NIMEX Petroleum Limited, for failing to show details of its operations.

Mr. Stanley said the list of oil marketers was pruned to 42 in a bid to ensure efficiency, accountability and transparency in the sector.

Support PREMIUM TIMES' journalism of integrity and credibility


Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required


Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: New Discovery! Click Here To See A Miracle Device That Can Cure DIABETES, BLOOD PRESSURE, STROKE, ARTHRITIS, PAINS, OBESITY And 50 Other CHRONIC DISEASES Without Drugs Or Herbs.. Click Here Now To See It

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.