Imported petrol costlier than local supply – IPMAN tells NMDPRA to review licences

The Independent Petroleum Marketers Association of Nigeria, IPMAN, has urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, to reappraisal precocious issued petrol import licences, arguing that imported substance is present importantly much costly than locally refined products.

The association’s presumption comes arsenic the Major Energy Marketers Association of Nigeria, MEMAN, reported a crisp summation successful petrol landing costs. 

MEMAN had claimed that the landing outgo of petrol roseate to N1,190.96 per litre arsenic of July 16, portion the 7-day and 30-day averages stood astatine N1,155.45 and N1,070.66 per litre respectively.

It besides attributed the summation to the weakening naira and rising planetary crude lipid prices. 

The relation claimed that the naira averaged N1,380.51 to the dollar during the play nether review, portion Brent crude climbed to an mean of $81.08 per barrel.

However, IPMAN National Publicity Secretary, Chinedu Ukadike successful a reaction, said the autarkic marketers were acrophobic that immoderate importers were selling petrol astatine astir N1,350 per litre, a terms acold supra that offered by Dangote Refinery. 

He questioned the intent of granti...