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Thursday, February 29, 2024

FG Approves 3rd Quarter Allocation For Petrol Importation

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The Federal Government has approved and released Quarter three (Q3) allocation for the importation of fuel by oil marketers.

The approval which was done by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, was disclosed by the Petroleum Products Pricing Regulatory Agency (PPPRA) in a statement yesterday in Abuja.

PPPRA explained that the gesture was in line with President Jonathan’s agenda in Nigeria’s downstream oil and gas sector, as well as the minister’s commitment to sustained petroleum products availability at PPPRA-regulated price.

It further stated that from information available to the PPPRA, the approval had been confirmed while the decision was taken to show to all Nigerians that the Federal Government was highly committed to its promise of ensuring sustained products availability across the country and at government approved price.

The PPPRA explained that apart from facilitating an improved national Premium Motor Spirit (PMS) supply situation and stock buildup which is now put at 35-days sufficiency (Land-19 and Marine- 16), the latest effort was also to enable marketers make adequate preparations towards products sourcing and importation.

The PPPRA equally commended the minister for all the proactive initiatives put in place to ensure products availability across the nation and at PPPRA regulated price.

The agency thus appealed to all oil marketers to reciprocate government’s gestures by commencing the process of products purchase on time, in order to forestall any form of future shortage.

It promised to ensure prompt processing of documents for all imported products duly brought into the country.

The Petroleum Minister had commenced a regime of earlier release of quarterly PMS allocations in April 2014, with the release of Q2, in addition to a supplementary Q1 allocation.
According to the PPPRA, the widely-applauded approval, apart from providing additional imports to supplement the then prevailing level of importation into the system, is now responsible for the sustained availability of petroleum products across the country at regulated prices.

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