Latest Politics Trending Now

Conoil, Mobil, Oando get nod to import 1.6mmt of fuel

As part of efforts to address the shortage of petroleum products in the country, President Muhammadu Buhari has approved fuel import allocations to 29 oil marketing and trading companies for the third quarter of 2015.

A source in Petroleum Products Pricing Regulatory Agency (PPPRA) informed ThisDay that the third quarter import allocation is thought to be around 1.6 million metric tonnes of petrol.

The 29 marketers include the Nigerian National Petroleum Corporation (NNPC), which in the last couple of months has struggled to sustain supply.

NNPC, NIPCO Plc, Oando Plc, Conoil, Mobil Oil, Masters Energy, Techno Oil and Folawiyo Oil and Gas and Total Nigeria Plc are some of the companies granted import allocations.

Although the PPPRA was yet to issue an official statement on the third quarter import allocation, another source in PPPRA said the agency now expects major oil marketers to resume importation of petrol after extracting a promise from the government that outstanding claims on subsidies will be paid.

You may also like: FG incurs N57bn debt on subsidy in 30 days

“I know that 29 marketers have been approved to import fuel into the country but their identity is what I don’t know because the approval came from the Presidential Villa on Wednesday,” he said.

The country in recent months has suffered fuel shortages caused by the federal government’s failure to pay outstanding subsidy claims to oil marketers.

Ripples… without borders, without fears

Join the conversation


About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.

Do NOT follow this link or you will be banned from the site!