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Marketers to import three cargoes of products each in July
Michael Faloseyi, Abuja
Petroleum products marketers have assured the Petroleum Products Pricing and Regulatory Agency that it would continue to import petroleum products despite the reigning price regime was not favourable for their business.
The marketers were among the stakeholders who met with the PPPRA on Wednesday in Abuja.
The marketers gave assured they would import despite the plan by the Nigerian National Petroleum Corporation�s to import enough products for the country during the third quarter.
A competent source, who spoke with our correspondent in a telephone interview shortly after the stakeholders� meeting said, �We were able to tell them how well we are doing in products importation despite unfavourable operating environment.
�We also told them that we are committed to importing three cargoes of premium motor spirit (petrol) automotive gas oil (diesel) and two cargoes of dual-purpose kerosene for the month of July.�
He said that the marketers have placed order for two cargoes of DPK because there was a cargo of kerosene yet to discharge.
The source added, �We are importing with the hope that the downward trend in crude oil prices would continue up till August. We are projecting that the price per barrel would just be a little over $30 per barrel.�
Our source said that the marketers would be importing with the hope that the landing might fall to about N40.00 per litre by August, adding that they would be further encouraged to import more.
On the prevailing price regime and the landing cost, our source said that N43.00 per litre was not profitable enough for them but that they had placed order for importation with the hope that they would blend their products with the one supplied by the NNPC so as sell at a profitable price.
He assured that there would be excess supply of petrol in the domestic market for the quarter because some products marketing companies, which he did not name, have placed order to import products for the month of August.
The PUNCH, Thursday, July 1, 2004.
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