Business
Independent Marketers’ Fuel Arrives Nigeria …Signals End To NNPCL’s Monopoly

The first batch of petrol amounting to 27 million litres imported by an independent marketer has arrived Nigeria, portending an end to a downstream monopoly market enjoyed by the Nigerian National Petroleum Company Limited (NNPCL).
The vessel, ST Nnene earlier billed to arrive since last week, but was held down off Lome waters due to adverse weather, birthed at Ijegun-Egba on Wednesday following the official end to subsidies by President Bola Tinubu on May 29.
ST Nnene, The Tide source gathered, had cost Emadeb Energy’s Chief Executive Officer, Adebowale Olujimi, and its bank partners of $17m (about N13b) to hire.
Five financial institutions – Polaris, First Bank, Union Bank, Access Bank and Fidelity bank – had bankrolled the deal.
This was as foreign exchange rose from N745 to one dollar three weeks ago, to N845 as at Tuesday, and crude price rising to $80 per barrel as at 1:45pm Nigerian time on Wednesday.
Until now, state oil firm, NNPCL, had enjoyed a monopoly downstream market for years, and singlehanded imported petrol consumed in-country, and had dictated prices.
Since the end of subsidies, which cost the country about N12tn, prices of petrol had risen from an average of between N180/N200 per litre, to N614 per litre as at Tuesday.
While speaking at the ceremony, Olujimi said petrol importation was no longer sustainable.
According to him, resuscitating local refining was the way to go.
“Petrol importation is not a sustainable way for a country to run. From what we saw yesterday when PMS price rose to over N600 per litre, it is an indication that the dynamics of the business is a tough one. It requires huge US dollars to bring in this. The way forward is for local refineries to be revived”, he said.
Sadiq Bashie, who represented the Chief Executive Officer, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, explained that the development was an important milestone since the downstream sector was deregulated.
According to him, “This is what we have been looking forward to. When we talk about deregulation, people think it’s all about increasing prices. No. Although prices would now be determined by market dynamics, deregulation also opens up the market for other players to come in.
“Yes, we would experience teething problems at first; however, if market forces are allowed to come into play, prices would eventually go down due to high competition. We assure that NMDPRA would continue to ensure quality control of products being sold to the public”.
General Secretary, the Natural Union of Petroleum and Natural Gas Workers, Afolabi Olawale, also canvassed for local refining.
He said, “If we want to go for deregulation, we should not go for importation. We should not submit our economy to be determined by foreign firms. But since we are there now, the government needs to speed up on palliatives because things are hard on everybody. We also enjoin marketers to shun excessive profiteering”.
The National Controller, Operations, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, said issuing licences to independent marketers to import would give rise to competition and fairness in the downstream sector.
He advised marketers to satisfy their customers by selling at fair prices, and dispensing the correct quantity.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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