Petrol Subsidy Removal: Emadeb Energy Delivers 27m Litres To Ease Crisis
One of Nigeria’s depot owners and licensed fuel marketer, Emadeb Energy Service Ltd., has received a shipment of 27 million litres of petrol at its Ijegun Satellite Depot in Lagos.
Chief Executive Officer of the company, Mr Debo Olujimi, who announced this at the inaugural ceremony, said that the importation, costing over $17 million due to international foreign exchange rates, is aimed at boosting the distribution of petroleum products in Nigeria.
As one of the first marketers to import petrol following the subsidy removal by President Bola Tinubu, Emadeb Energy recognizes the need for local refining to address the challenges posed by the increased price of petrol.
Olujimi emphasized that having local refineries was essential as foreign exchange rates heavily influenced petrol prices thus, urged the federal government to facilitate access to foreign exchange and encourage local refining, which would ensure a more sustainable and affordable fuel supply.
The ceremony was attended by various stakeholders in the oil and gas industry, including Mr Ahmed Farouk, the Authority Chief Executive of Nigeria Midstream and Downstream Petroleum Regulatory (NMDPRA), who commended Emadeb’s initiative and commitment.
Speaking at the occasion, Mr Olawale Afolabi, the Secretary General of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), highlighted the importance of deregulation in opening up the market, while Mr Mike Osatuyi, the Operations Controller of Independent Petroleum Marketers Association of Nigeria (IPMAN), praised Emadeb for its importation efforts in the post-subsidy removal era.
Similarly, Mr Gabriel Ogbechie, Managing Director of Rainoil Ltd., commended Emadeb’s importation and emphasized the benefits of deregulation, noting that it promotes competition and price stability.
Ogbechie tasked the government to provide liquidity to the market to mitigate fluctuations in foreign exchange rates.
The event marked a significant step towards enhancing the downstream sector of Nigeria’s oil and gas industry.
Emadeb Energy’s efforts aim to ensure a steady and reliable supply of petroleum products while calling for a focus on local refining to achieve long-term sustainability and affordability.
