The Nigerian firm got its supply of 27 million litres of fuel, which had been at sea for some time, on Wednesday, July 19, 2023. The significance of the transaction While the fresh cargo indicates that the country's petroleum supply chain will improve, the high cost of importing the commodity means that Nigerians will continue to spend more than N600 per liter.

Adebowale Olujimi, Chief Executive Officer of Emadeb Energy, and its five bank partners spent more than $17 million (approximately N13 billion) to hire just the vessel ST Nnene, which transported the commodity from Togo, where the consignment arrived, to Nigeria. The five banks engaged in the massive transaction are as follows: Union Bank Polaris First Bank Access Bank According to Olujimi of Fidelity Bank Emadeb Energy, who was present to welcome the vessel, ST Nnene where it was born at Ijegun-Egba, fuel importation was no longer viable.

He believes that the federal government must find a strategy to revitalize Nigerian refineries. "Petrol importation is not a sustainable way for a country to run," he says. "What we saw yesterday when PMS prices rose to over N600 per litre, indicates that the business dynamics are difficult."This needs a large sum of money in the United States. The way forward is to resurrect local refineries."

According to FG, gasoline prices will fall as merchants begin to import. Meanwhile, Legit. ng previously reported that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirmed that oil marketers had begun importing fuel into the country. Previously, the Nigerian National Petroleum Corporation (NNPC) imported the majority of the gasoline consumed in Nigeria. However, Faroul Ahmed, the NMDPRA's chief executive officer, stated that of the 56 oil marketing enterprises that sought licenses, 10 had demonstrated commitment, while three smuggled petroleum into Nigeria.