The Petroleum Products Pricing Regulatory Agency (PPPRA) has released the second quarter petrol import allocations to the Nigerian National Petroleum Corporation (NNPC) and the private oil marketing companies, a development that will potentially ease the current product shortages,ThisDay reports.
As part of the measures to correct the distortion and imbalance created by the reduction of the private marketers’ allocation to 28 per cent in the first quarter, the pricing regulatory authority has also slashed the allocation given to the NNPC from the 78 per cent in the first quarter to 41.73 per cent while the marketers got 58.27 per cent. PPPRA’s ill-advised allocation of 72 per cent to the NNPC by the former Executive Secretary of the agency, Mr. Farouk Ahmed, was said to have fueled the current scarcity as the traditional sharing formula for the quarterly import allocations had always been 60 per cent for the private marketers and 40 per cent for the corporation.
The Minister of State for Petroleum, Dr. Ibe Kachikwu, who held a meeting with the private marketers at the NNPC Towers in Abuja yesterday also warned the oil firms that any of them that failed to perform in this second quarter would be excluded from importation of petrol throughout this year. Kachikwu convened the meeting to deliberate on how the private marketers would resume importation and also to brief the firms on the outcome of his engagement with the Central Bank of Nigeria (CBN) on how the issue of scarcity of foreign exchange would be tackled.