July 20, (THEWILL) – Emadeb Energy Service Ltd., a depot owner and licenced fuel marketer, has imported about 27 million litres of petrol into the country, making it one of the first private company to do so in the post-subsidy regime.
Speaking during a brief ceremony at the company’s jetty in Lagos, Adebowale Olujimi, Emadeb’s chief executive officer, said the product was received at its Ijegun Satellite Depot.
He said 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 recognises the need for local refining to address the challenges posed by the increased price of petrol, Olujimi added.
He urged the 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.
Secretary General of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), Olawale Afolabi, highlighted the importance of deregulation in opening up the market, while 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.
The event marked a significant step towards enhancing the downstream sector of Nigeria’s oil and gas industry.
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