Why we are yet to import petrol, by MOMAN
Members of the Major Oil Marketers Association of Nigeria (MOMAN) are yet to import the Premium Motor Spirit (PMS) petrol because they are still strategising on how to do so.
Its Executive Secretary, Mr. Clement Isong, made this kmown at the weekend.
According to him, MOMAN has commenced negotiation with the suppliers of the product.
He noted that the members need to research to know the exchange rate, landing cost, selling price and the volume to import before placing an order for the importation.
His words: “We are looking at the numbers. We are trying to source foreign exchange. We are looking at the number they will produce.
“You have the price. You have to source for dollars and now buy the product. If I buy the product how much am I selling to Nigeria. What is the average price in Nigeria?
“I will say we are negotiating. We are looking for the product. We are talking to the suppliers. How soon? Some are very fast. It is sooner than later.”
Isong said the market is yet to stabilise since the removal of subsidy last month.
He projected that calm could only return to the market at the end of this month since a lot of factors were still affecting it.
The Executive Secretary said price of the Automotive Gas Oil (AGO) diesel was declining in Nigeria due to the fall of the prices in the international market.
On the Compressed Natural Gas (CNG), he said customers should demand the product from MOMAN.
Isong suggested there should be a trade corridor for gas-fired vehicles.
He stressed that as deregulation had taken effect, it is enough to restore investors and vehicle owners’ confidence for conversion to gas.
