A firm, 2015 Petroleum and Investments Limited, has joined the ranks of private oil companies importing Petroleum Motor Spirit (PMS) into Nigeria following the Nigerian government’s removal of subsidies on the product.
Mr. Adeoye Sokoya, the Managing Director of 2015 Petroleum and Investments Limited, who disclosed the cheery news to newsmen lauded the government’s bold decision to abolish the long-standing Petroleum Subsidy.
2015 Petroleum and Investments Limited, alongside AYM Shafa Limited and Emadep Energy Limited, began PMS importation after the subsidy on the product was lifted by the current administration.
According to the Bill of Ladings for the PMS consignment, which were sighted by our reporter, the company successfully imported a total of 15,097 metric tons, equivalent to 20.6 million liters of PMS.
This PMS was procured from the renowned oil giant, BP Oil International Limited in the UK.
The transportation of the imported petrol was facilitated by the vessel MT ST NENNE, a daughter vessel that loaded the cargo from BP Oil International’s mother vessel, MT Torm Integrity, at Offshore Lome.
Mr. Sokoya emphasized that this move would invigorate growth and development in the Nigerian Petroleum Industry, which had been constrained for decades by the subsidy regime.
Discussing the anticipated efficiency resulting from the subsidy removal, Engr. Gbenga Oyefusi, the Director of Operations of the company, highlighted that market-driven pricing fosters operational efficiency and instigates competition among industry players.
He noted that these benefits are subsequently transferred to the end consumers of the product.
In a bid to address the current challenges, Alhaji Kunle Salahudeen, the Marketing Director of 2015 Petroleum and Investments Limited, appealed for patience from the masses in light of the high petroleum product prices.
He stated that these high prices were attributed to the escalation of oil prices globally due to the Russia-Ukraine conflict.
However, he expressed optimism that with a prudent foreign exchange policy by the government, coupled with the restoration of peace in the Eastern Europe nations, would lead to more affordable product prices in the future.
Salahudeen also urged the government to promptly roll out the palliative measures outlined in the recent presidential address. These measures, are intended to alleviate the impact of subsidy removal on the public.
The Managing Director of the company, Mr Sokoya, while hinting at the long-term strategy of the company, stated that the company is in the process of establishing a modular refinery in conjunction with its foreign partner in the country.
