The release of the allocations followed the approval by the Minister of Petroleum Resources, Diezani Alison-Madueke, on Friday.
To demonstrate its commitment to ensure a hitch-free year end petrol supply, the Petroleum Products Pricing Regulatory Agency, PPPRA has issued the third quarter import allocations for the product.
The release of the allocations followed the approval by the Minister of Petroleum Resources, Diezani Allison-Madueke, on Friday.
“The decision to release the import allocations early is to show to all Nigerians that the Federal Government is highly committed to its promise of ensuring sustained products availability across the country, and at government approved-price,” the PPPRA said.
Apart from facilitating an improved national petrol supply situation and stock build-up, currently put at about 35-days sufficiency level, the PPPRA said the latest directive was also to enable marketers make adequate preparations towards products sourcing and importation.
The country’s fuel stock sufficiency level consists of fuel stock in land depots capable of meeting the consumers’ needs for at least 19 days, while marine stock level would be enough to last for at least 16 days,
Marketers say the early release of the import allocations by the Federal Government was a commendable development for the downstream sub-sector of the petroleum industry, as it would allow them sufficient time to plan an importation programme.
Though PPPRA did not mention the names and number of the petroleum marketers that were issued the import allocation permits, it appealed to all the beneficiaries to reciprocate government’s gestures, by commencing the process of products sourcing and importation on time, in order to forestall any delays.
The PPPRA pledged to ensure prompt processing of documents for all imported products duly brought into the country to ensure the timely discharge of all landed fuel at the ports.
The second quarter PMS allocations was released in April 2014, in addition to a supplementary first quarter allocation to guarantee sustained adequate fuel stock after the initial supply crisis early in the year.
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