By importing 27 million litres of Premium Motor Spirit (PMS), also known as petrol, for domestic use, Emadeb Energy Services Limited has become the first oil marketer to benefit from the deregulated downstream oil sector.
The ST NENNE ship, which was berthed at Emadeb Jetty in Lagos’ Ijegun neighbourhood, is said to have cost around $17 million.
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Debo Olujimi, the company’s chief executive officer, made an appeal to the federal government during a brief ceremony in Lagos to identify a specific window for getting foreign currency for petroleum goods.
He said, “We call on the government to help in finding a window where this issues of dollars are resolved and we can have a fixed market rate to bring in this and access this without any condition just for the PMS, then it will go a long way to ease the sufferings of Nigerians.”
Also, Bashir Sadiq, the Executive Director, Corporate Services and Administration of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said deregulation of the oil sector is about opening up the space for more participation.
Sadiq said, “When we talk about deregulation, people just think about increase in price. Actually, it is not; it is opening up the space for more participation.”