Federal Govt slashes oil marketers' import licenses from 43 to 29

The Federal Government has issued licenses to import refine petroleum products to 29 marketers in a bid to end the fuel scarcity witnessed across the country.

The third quarter approval for import allocations to 29 marketers signaled a significant reduction in the number of marketers previous issued with such allocations.

Previously, 43 marketers were given import allocation but the significant reduction may be seen as a way of blocking leakages in oil and gas sector as promised by President Muhammadu Buhari.

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

It was gathered that the approval was given by President Muhammadu Buhari to the Petroleum Products Pricing Regulatory Agency (PPPRA) to allow NNPC and other oil marketers to import fuel into the country this quarter.

The third quarter import allocation is thought to be around 1.6 million metric tonnes of petrol, a source in PPPRA disclosed. NNPC, NIPCO Plc, Oando Plc, Conoil, Mobil Oil, Masters Energy, Techno Oil and Folawiyo Oil and Gas, Total Nigeria Plc and Mobil Oil Plc are some of the companies granted imported allocations.

Credit: Olatunde Dodondawa/Nigerian Tribune