In the wake of the Nigerian government’s removal of subsidies on Petroleum Motor Spirit (PMS), 2015 Petroleum and Investments Limited has joined the ranks of private oil companies importing this essential fuel into Nigeria.
The Managing Director of 2015 Petroleum and Investments Limited,Mr. Adeoye Sokoya,commended the government’s decisive move to eliminate the long-standing Petroleum Subsidy, as he shared this development with the press.
Collaborating with AYM Shafa Limited and Emadep Energy Limited, 2015 Petroleum and Investments Limited embarked on PMS importation following the removal of the product’s subsidy under the current administration.
Examination of the Bill of Ladings, which were reviewed by our reporters, reveals that the company successfully imported a total of 15,097 metric tons, equivalent to 20.6 million liters of PMS.
This supply of PMS was procured from the renowned BP Oil International Limited in the UK.
Facilitated by the vessel MT ST NENNE, the transportation of the imported fuel took place from BP Oil International’s mother vessel, MT Torm Integrity, at Offshore Lome.
Mr. Sokoya emphasized the significant potential for growth and progress in the Nigerian Petroleum Industry, which has long been hampered by the subsidy regime.
Discussing the expected benefits stemming from the subsidy removal, Engr. Gbenga Oyefusi, the Director of Operations of the company, highlighted that market-driven pricing fosters operational efficiency and stimulates competition among industry players.
He emphasized that these advantages ultimately trickle down to the end consumers.
In response to the ongoing challenges, Alhaji Kunle Salahudeen, the Marketing Director of 2015 Petroleum and Investments Limited, appealed for patience from the public in light of the elevated petroleum product prices.
Salahudeen attributed these high prices to the global escalation of oil prices due to the Russia-Ukraine conflict.
Nevertheless, he expressed confidence that prudent foreign exchange policies by the government, combined with the restoration of peace in Eastern Europe, will contribute to more affordable product prices in the near future.
Salahudeen also urged the government to swiftly implement the palliative measures outlined in the recent presidential address.
These measures are intended to alleviate the impact of subsidy removal on the general population.
Looking ahead to the company’s long-term strategy, Mr. Sokoya, the Managing Director, revealed that 2015 Petroleum and Investments Limited is in the process of establishing a modular refinery in collaboration with its foreign partner within the country.
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