Emadeb Energy Service, a depot owner and licensed fuel marketer, has received a shipment of 27 million litres of petrol at its Ijegun Satellite Depot in Lagos.
The Chief Executive Officer, Mr Debo Olujimi disclosed that the company spent over $17 million due to international foreign exchange rates in its effort to boost 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.
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 inaugural 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 who commended Emadeb’s initiative and commitment.
Mr Olawale Afolabi, the Secretary General of the Nigeria Union of Petroleum and Natural Gas Workers highlighted the importance of deregulation in opening up the market, while Mr Mike Osatuyi, the Operations Controller of Independent Petroleum Marketers Association of Nigeria praised Emadeb for its importation efforts in the post-subsidy removal era.
Mr Gabriel Ogbechie, Managing Director of Rainoil Ltd., supported Emadeb’s importation and emphasized the benefits of deregulation, noting that it promotes competition and price stability.
He urged 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.