The Authority held a meeting today with oil marketing companies to raise awareness of the requirements of the Petroleum Industry Act (PIA) regarding the full deregulation and importation of petrol.
The Authority Chief Executive, Engr. Farouk Ahmed emphasized the urgent need for product standardization to prevent situations where consumers might be cheated by the importation of off-spec products into the country.
He said NNPC Ltd had agreed to reduce its petrol import volume to give room for other players in the industry, therefore any marketer licensed to import petroleum products must comply with set guidelines.
Already, three oil marketers will from July this year start importing petroleum products into the country.
Ahmed revealed that the oil marketers also reached an agreement to enhance cooperation with security agencies, with the aim of facilitating the seamless supply and distribution of petroleum
