curator
Administrator
No cause for worry, PPMC allays fears
The nation may soon experience acute shortage of petrol following the inability of the Federal Government to place order for the fourth quarter importation and non-settlement of N200bn outstanding subsidy payment to petroleum marketers.
Investigations showed that the non- placement of order, barely three weeks into the quarter, expected to be characterised by increased demand following the coming of Christmas would impact negatively on the nation that is still depending on surpluses of the third quarter to meet demand.
The Executive Secretary, Petroleum Products Pricing Regulatory Agency, PPPRA, Mr. Reginald Stanley, could not be reached for comments as he did not respond to phone calls or text messages. But another source in the agency said: “The PPPRA has presented the list of marketers to the Ministry of Petroleum Resources for approval.
We are presently waiting for the ministry to grant approval before we can engage the marketers to import the fuel. “We have done what is expected of us. It is only when we secure approval that the marketers would be engaged to carry out the third quarter petrol importation.”
It was also learnt that the non-settlement of outstanding N200bn debts to marketers had greatly reduced their capacities to import fuel, a development said to be worsened by the refusal of banks to grant loans.
National Mirror Newspaper :
http://nationalmirroronline.net/new...ver-n200bn-debt-4th-quarter-allocation-delay/
The nation may soon experience acute shortage of petrol following the inability of the Federal Government to place order for the fourth quarter importation and non-settlement of N200bn outstanding subsidy payment to petroleum marketers.
Investigations showed that the non- placement of order, barely three weeks into the quarter, expected to be characterised by increased demand following the coming of Christmas would impact negatively on the nation that is still depending on surpluses of the third quarter to meet demand.
The Executive Secretary, Petroleum Products Pricing Regulatory Agency, PPPRA, Mr. Reginald Stanley, could not be reached for comments as he did not respond to phone calls or text messages. But another source in the agency said: “The PPPRA has presented the list of marketers to the Ministry of Petroleum Resources for approval.
We are presently waiting for the ministry to grant approval before we can engage the marketers to import the fuel. “We have done what is expected of us. It is only when we secure approval that the marketers would be engaged to carry out the third quarter petrol importation.”
It was also learnt that the non-settlement of outstanding N200bn debts to marketers had greatly reduced their capacities to import fuel, a development said to be worsened by the refusal of banks to grant loans.
National Mirror Newspaper :
http://nationalmirroronline.net/new...ver-n200bn-debt-4th-quarter-allocation-delay/
