07 February 2014, Abuja – The Petroleum Products Pricing Regulatory Agency (PPPRA) Thursday stated that the total amount of petrol consumed in Nigeria last year (2013) was 39.66 million barrels.
PPPRA also noted that the consumption figure was a lot different from the 60.20 million barrels consumed in 2012 and which it paid out subsidies for in line with the federal government’s petrol subsidy regime.
A statement from the agency in Abuja quoted the Executive Secretary of PPPRA, Reginald Stanley, as telling members of the House Committee on Downstream as well as the International Association of Energy Economics (IAEE) that the sharp reduction in the 2012 and 2013 figures were as a result of reform initiatives put in place by it.
Stanley informed that the reform initiatives by PPPRA have led to the elimination of inefficiencies in petroleum supply and distribution chains in the downstream sub-sector of the Nigerian economy.
“Our reform initiatives have led to the elimination of petroleum products wastages, scarcity and other malpractices in the supply chains, resulting in the reduction in quantity of petrol consumed from 60.20 million in 2012, to 39.66 million in 2013.
This effort, singularly led to the saving of about N409 billion in subsidy claims in 2012 alone. I wish to inform all Nigerians that, under the directive of the Honourable Minister of Petroleum Resources, there has been improved petrol availability nationwide and at regulated price,” Stanley said.
He further stated that: “We have also been able to achieve and sustain transparency, while deepening local content promotion in the industry through the restriction of participation to only owners of coastal discharge/depot facilities.”
The Executive Secretary equally promised that the PPPRA is committed to sustaining the tempo of the reform initiatives while guaranteeing adequate supply of products nationwide and at reasonable cost saving level to the government.
The statement, which was signed by the agency’s head of corporate communication, Lanre Oladele, also disclosed the committee’s applause to the regulatory agency, which it described as a classical example of a government agency that has succeeded in exhibiting global best practices.
Also in his response, the leader of IAEE delegation, Prof. Wumi Iledare, who is also the incumbent president of association, commended the activities of the PPPRA under the leadership of Stanley.
Iledare was quoted in the statement to have said that Stanley has been able to bring back the trust of all Nigerians on the regulatory agency.
He thus charged Stanley and his team not to rest on their oars, until the industry is free from extant debilitating factors that have hitherto hindered the growth of the sub-sector.
– Chineme Okafor, This Day