Private firms in Nigeria can begin importing fuel from June 2023, as the Nigerian National Petroleum Company Limited (NNPC) transitions from crude oil swap contracts to cash payments for fuel imports.

Mele Kyari, the Group Chief Executive Officer of NNPCL, announced the change during an interview with Reuters on June 3. This move aligns with President Bola Tinubu’s plan to deregulate the fuel market and alleviate the government’s financial burden.

By allowing private companies to import the majority of gasoline, NNPC aims to pay for its purchases in cash and reduce its reliance on crude oil swap contracts. This development opens the market for new entrants and promotes a more self-regulated and competitive fuel industry in Nigeria.

Private firms in Nigeria will have the opportunity to import fuel starting from June 2023, as the Nigerian National Petroleum Company Limited (NNPCL) plans to end crude oil swap contracts and switch to cash payments for fuel imports.

The announcement was made by Mele Kyari, the Group Chief Executive Officer of NNPCL, during an interview with Reuters on June 3. This move is in line with President Bola Tinubu’s efforts to deregulate the fuel market and alleviate the financial burden on the government.

Reuters quoted Kyari saying:

“In the last four months, we practically terminated all Direct Sale Direct Purchase (DSDP) contracts. And we now have an arm’s-length process where we can pay cash for the imports.

“This is the first time NNPC has said it is terminating crude swap contracts. By importing less gasoline as private companies import the bulk, NNPC will be able to pay for its purchases in cash.”

According to Reuters, NNPC was still allocating crude for fuel swaps for July loading, though less than in previous months. In its report detailing March crude oil loadings, NNPC also allocated crude to the swap contracts held by the consortiums.

Mele Kyari had told Nigerians that there will be new entrants into the market, following the recent decision to increase fuel pump prices.

Shey una dey hear? Subsidy is gone forever.

Tinubu is not a coward like Goatluck that was always intimidated into submission, nor Buhari that was always harassed before even makes the move.

Emilokan Tinubu is the real General of Generals, the godfather of all godfathers. What General Abdulsalami, General Obasanjo, General Buhari, Alhaji Yar’Adua, and Dr Deacon Goatluck Jonathan could not do for about 26 years, Civilian General Emilokan Bola Ahmed Tinubu Oko Oluremi did it in the first 30 minutes of his government.

The generational fraudulent fuel subsidy is gone forever. The big men have looted us enough. It will never come back. Femi Ote$, Folorunsho Akakija. Ifeanyi Ubah, Arthur Eze, Emeka Offor, TY Danjuma, Mohammed Ndimi, IBB, Obasanjo and other devilish big men using Fuel Subsidy to loot our national treasury cannot stop the JAGABAN Borgu, the godfather of all godfathers, the Kingmaker that made himself KING.

Anybody that wants to do oil business should start importing himself. Government will not add one kobo as subsidy

Ashiwaju Jagaban on your mandate I stand

BigBlackPreek:
Ashiwaju Jagaban on your mandate I stand

The stand that you've been standing at petrol stations under hot sun and rain looking for fuel to buy in your okada never do you ?

You will stand till you go tire

Last time that I checked, we are already in June

Are we not in June already? So Dangote Refinery is nolonger the answer?

Nawa oo

a4cube:
Are we not in June already? So Dangote Refinery is nolonger the answer?

Your father too is a Nigerian. Tell him to build his own refinery

Importing fuel with dollars sourced from black market?
Thieves.

simpleseyi:
Shey una dey hear? Subsidy is gone forever.

Tinubu is not a coward like Goatluck that was always intimidated into submission, nor Buhari that was always harassed before even makes the move.

Emilokan Tinubu is the real General of Generals, the godfather of all godfathers. What General Abdulsalami, General Obasanjo, General Buhari, Alhaji Yar’Adua, and Dr Deacon Goatluck Jonathan could not do for about 26 years, Civilian General Emilokan Bola Ahmed Tinubu Oko Oluremi did it in the first 30 minutes of his government.

The generational fraudulent fuel subsidy is gone forever. The big men have looted us enough. It will never come back. Femi Ote$, Folorunsho Akakija. Ifeanyi Ubah, Arthur Eze, Emeka Offor, TY Danjuma, Mohammed Ndimi, IBB, Obasanjo and other devilish big men using Fuel Subsidy to loot our national treasury cannot stop the JAGABAN Borgu, the godfather of all godfathers, the Kingmaker that made himself KING.

Anybody that wants to do oil business should start importing himself. Government will not add one kobo as subsidy

You just wasted this space saying something meaningless

simpleseyi:


Your father too is a Nigerian. Tell him to build his own refinery

My father is not a rogue that corners nation Resources.

Answer my question? Is Dangote nolonger the game changer?

I wonder if any Southerner can head NNPC assuming the oil was found in the north. Always Northern names taking decisions.

Kaiser20:

You just wasted this space saying something meaningless

You just said the nonsense in your head

Since Dangote can meet local demand and still export, why are we Importing?

Femmyfamous4u:
Since Dangote can meet local demand and still export, why are we Importing?

@Simpleseyi over to you. Come answer this one again. Tribalist.

Have you observed that out politicians no long loot in millions of Naira? They only loot billions of Naira.

Our politicians are very wicked set of people. The want to remove subsidy so that they can have enough money to loot.

As far as am concerned, subsidy is the only thing the common man is benefiting from the government.

Buhari increased the price of fuel he didn't use the money to do anything instead, he borrowed more money for looting.

Make them leave our subsidy for us!