FG approves Q1 2015 fuel allocation to marketers

The Federal Government has approved the release of first quarter (Q1) 2015 allocation to marketers for the importation of petroleum products into the country. It has also approved the payment of about N166 billion to petroleum marketers as reimbursement for outstanding subsidy claims.
A statement issued by the Petroleum Products Pricing Regulatory Agency (PPPRA), said the early release is in furtherance of Diezani Alison-Madueke, minister of petroleum resources, resolve at ensuring continuous and robust products supply in the system, aimed at sustaining the serenity in the downstream industry.
According to the statement, Farouk Ahmed, the executive secretary of the PPPRA, advised motorists not to engage in panic buying, assuring that “there is ample supply of petroleum products in the country and discharges and truck-out had continued in spite of the holidays and the festive periods”.
The PPPRA further explained that apart from facilitating an improved national premium motor spirit (PMS) supply and stock build-up, the latest effort is also to enable marketers make adequate preparations towards products sourcing and importation early in the new year.
The PPPRA attributed all the proactive initiatives put in place at ensuring products availability across the nation to the support and direction of the minister of petroleum resources. The agency on its part, is committed to prompt processing of documents for all imported products duly brought into the country, says Ahmed.
The petroleum minister had commenced a regime of early release of quarterly PMS allocations in addition to supplementary allocations to complement the national demand.
According to the PPPRA, the widely-applauded early approvals, apart from providing additional imports to supplement the prevailing stock level in the system is now responsible for the sustained availability of petroleum products across the country at regulated prices.
Meanwhile, the Federal Government has approved the payment of about N166 billion to petroleum marketers as reimbursement for outstanding subsidy claims.