Mkpoikana Udoma
Port Harcourt — Stakeholders including the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Dangote Refinery, and other major industry players have reached a resolution aimed at stabilizing the supply of petroleum products across the country.
The agreement guarantees a steady supply of Premium Motor Spirit, PMS, from Dangote Refinery, with a commitment to sell a fixed daily quantity to oil marketers for the next six months.
In addition to the agreement on PMS, the resolution also includes the supply of Aviation Turbine Kerosene, ATK and Automotive Gas Oil, AGO from domestic refineries, including Dangote, Aradel Refinery, Waltersmith Refinery, and Edo Refinery, over the next six months.
While NMDPRA has been tasked with overseeing the allocation of import volumes to oil marketers to cover any shortfalls in domestic production.
Speaking, the National President of PETROAN, Dr. Billy Gillis Harry, expressed optimism that the resolution would bring significant relief to Nigerian consumers, ensuring consistent fuel availability and addressing price volatility.
Harry expressed confidence that the resolution would benefit both the downstream sector and the wider Nigerian economy, noting that the deal is part of broader efforts to integrate domestic petroleum production into the supply chain.
“We are optimistic that these resolutions will bring succour to the downstream sector and improve the Nigerian economy.
“This resolution will attract so much benefits which include stability of petroleum products, control of price fluctuations, maintaining transparent communication, addressing conflicts proactively and fostering collaboration among key stakeholders players.”
Also speaking, the National Public Relations Officer of PETROAN, Dr. Joseph Obele, said the resolution includes key logistical details, including fixed quantities and delivery windows, with oil marketing companies required to enter direct commercial agreements with domestic refineries on a “willing buyer, willing seller” basis.
“Those that signed the resolution include NMDPRA, NNPCL, Edo Refinery, Dangote Refinery, Waltersmith Refinery, Aradel Refinery, Independent Petroleum Marketers Association of Nigeria, IPMAN, and Petroleum Regulatory and Petroleum Products Retail Outlets Owners Association of Nigeria.
“Individual oil marketing companies are to enter direct commercial agreements with domestic refineries on a willing buyer, willing seller basis.”
