Specifically, the report stated that the Nigeria National Petroleum Corporation (NNPC) operated a deficit account of N3,115,495,257,000,000 within the period under review.
Browsing: Petroleum Products Pricing Regulatory Agency
“It is therefore sad and distressing that in spite of all that I tried to do in the best interest of our nation, I continue to be faced with constant demonisation, unproven accusations and deeply personal insults.”
On December 1, 2016 in Abuja, five West African countries including Nigeria, Benin, Togo, Ghana and Cote d’Ivoire agreed to ban the importation of Europe’s dirty fuels, limiting sulphur in fuels from 3,000 parts per million to 50 ppm.
“The sudden discontinuation of supplies of petroleum products to the floating stations about two years ago is inflicting hardship and impoverishing the inhabitants of coastal towns and villages from where the very petroleum products that have seized to be delivered by the NNPC to the floating stations are drilled,” he noted.
“What happened, in simple language, is a rebalancing of the margins allowed and approved for stakeholders. So what the Petroleum Products Pricing Regulatory Agency, PPPRA, did was to take N1 from lightering expenses and add same to the bridging allowance. That is how we arrived at N7.20. Therefore, PMS remains at the ceiling of N145 per litre,” he said.
He noted that, “PPPRA will ensure effective monitoring of petroleum products’ distribution and compliance with pricing template and PPPRA will not allow long queues at filling stations because of speculations that pump prices may be raised.”
“PPPRA has been able to achieve stability in the supply and distribution of petroleum products. Though, in some cases, there are situations when some marketers sell above the regulated pump price too. That sometimes depends on market dynamics.”
Emefiele in his speech explained that in addition to earning very good income from a vibrant domestic biofuel industry, Nigeria could also rely on it to provide her alternative clean fuel, reduce her level of fuel importation, and conserve her foreign exchange.
22 August 2015, Abuja – Petroleum products’ marketers across the country have continued to ignore the directive of the Federal…
