Diezani Allison-Madueke
The Minister of Petroleum Resources, Diezani-Alison Madueke, has approved the release of First Quarter 2015 allocation to marketers for the importation of petroleum products into the country.
A statement by the Petroleum Products Pricing Regulatory Agency said the early release was in furtherance of Alison-Madueke’s resolve at ensuring continuous and robust products supply in the system.
The statement said it was also aimed at sustaining the serenity in the downstream industry.
According to the statement, the Executive Secretary of the PPPRA, Farouk Ahmed, while calling on motorists not to engage in panic buying, promised that “There is ample supply of petroleum products in the country and discharges and truck-out had continued in spite of the holidays and the festive periods.”
The PPPRA further explained that apart from facilitating an improved national Premium Motor Spirit supply and stock build-up, the latest effort was also to enable marketers make adequate preparations towards products sourcing and importation early in the New Year.
The PPPRA attributed all the proactive initiatives put in place at ensuring products availability across the nation to the support and direction of Alison-Madueke.
The Agency said it was committed to prompt processing of documents for all imported products duly brought into the country.
Alison-Madueke, the statement said, had commenced a regime of early release of quarterly PMS allocations in addition to supplementary allocations to complement the national demand.
According to the PPPRA, the widely-applauded early approvals apart from providing additional imports to supplement the prevailing stock level in the system, was now responsible for the sustained availability of petroleum products across the country at regulated prices.
Meanwhile, the Federal Government has approved the payment of about N166 billion to petroleum marketers as reimbursement for outstanding subsidy claims for Batch I to part of Batch M.
However, those that constitute part of Batch M and Batches N, O, and P, which is to the tune of N105 billion, are still at the Debt Management Office awaiting payment. .
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