The Petroleum Products Pricing Regulatory Agency (PPPRA) has vowed to continue to enforce its stringent regulations for the fourth quarter fuel importation into the country.
A top official of the agency, who pleaded anonymity, disclosed this yesterday in Abuja, noting that the fourth quarter allocation would soon be announced.
He said the PPPRA had concluded plans to release the names of marketers granted import licences for the fourth quarter.
“We will soon announce the names of successful marketers for the fourth quarter after the rigorous process.
“Over 30 marketers have been shortlisted for the third quarter but I cannot give you details for now,’’ he said.
He insisted that the quarterly allocation was based on companies’ previous performance, competence and evidence of ownership of functional depots/jetties, among others.
He said holders of the permit would also be required to furnish PPPRA with daily records of products loading, evacuation from designated depots to ensure accountability and warned that the agency would not hesitate to sanction any infractions.
He said the agency was committed to working with relevant government bodies and stakeholders to ensure adequate supply of the product.
He stressed the PPPRA’s resolve to continue to engender transparency and accountability in line with international best practice.
It will be recalled that Mr Reginald Stanley, Executive Secretary of the PPPRA had, upon assumption of duty in late 2011, slashed the number of marketers from over 120 in 2011 to 42 for the first and second quarters of 2012 and 39 companies for the third quarter of the year.
The 42 oil marketers granted licences in the first quarter of the year were mandated to import a total of 3.755 million tonnes of petrol, which is equivalent to 5.036 billion litres.
It, however, reduced the volume in the second quarter to 3.575 million tonnes or equivalent of 4.794 billion litres, reflecting a drop of 180,000 metric tonnes or 241.38 million litres
In the third quarter, 39 oil marketers were issued permit to import 3.125 million metric tonnes of fuel, an equivalent of 4.20 billion litres, which is a drop from the 4.794 billion litres imported in the second quarter.
Stanley said the reduction in the number of companies participating in the fuel importation was to ensure better transparency and check shady deals in the nation’s fuel import scheme.
Investigations, however, reveal that most of the marketers refused to import fuel in the previous quarters of this year due to what they termed non-payment of subsidy claims.
The trend led to a drop in the import process and consequently triggered fuel scarcity in most parts of the country and a hike in the pump price of the product in some areas.
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