Govt approves early release of Q3 fuel allocation

Fuel dispencerOscarline Onwuemenyi 14 June 2014, Sweetcrude, Abuja – The Federal Government over the weekend announced the approval and release of the third quarter, Q3, Premium Motor Spirit, PMS, or petrol, import allocations.

A statement from the Petroleum Products Pricing Regulatory Agency, PPPRA, explained that the gesture was in line with President Goodluck Jonathan’s Transformation Agenda in the downstream oil and gas sector, as well as the Minister’s commitment to sustained petroleum products availability at PPPRA-regulated price.

PPPRA also noted that the decision was 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 agency averred that apart from facilitating an improved national PMS supply situation and stock buildup, which is now put at 35-days sufficiency (Land – 19 and Marine – 16), the latest directive by the Minister was also to enable marketers make adequate preparations towards products sourcing and importation.

Meanwhile, the Management of PPPRA had commended the Minister for “all the proactive initiatives put in place to ensure products availability across the nation and at PPPRA-regulated price.”

The Agency therefore appealed to all oil marketers to reciprocate government’s gestures, by commencing the process of products purchase on time, in order to forestall any form of future shortages. The PPPRA further promised to ensure prompt processing of documents for all imported products duly brought into the country.

It would be recalled that the Minister, Mrs. Diezani Allison-Madueke, commenced a regime of earlier release of Quarterly PMS allocations, with the release of Q2 in April 2014, in addition to a Supplementary Q1 allocation.

The widely-applauded approval, apart from providing additional imports to supplement the then prevailing level of importation into the system,  is now responsible for the robust availability of petroleum products across the country at regulated prices.


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