FG approves early release of Q3 petrol allocation

The Minister of Petroleum Resources, Mrs Diezani Allison-Madueke, has approved the release of third quarter (Q3) import allocations for Premium Motor Spirit (PMS) or petrol.

Mr Farouk Ahmed, Executive Secretary, Petroleum Products Pricing and Regulatory Agency (PPPRA), announced this in a statement made available to the News Agency of Nigeria (NAN) in Abuja on Saturday.

Ahmed said the gesture was in line with President Goodluck Jonathan’s Transformation Agenda in the downstream oil and gas sector.

“It shows that the Federal Government is highly committed to its promise of ensuring sustained products availability across the country, and at government approved-price.’’

Ahmed added that government had facilitated an improved national PMS supply situation and stock build-up, put at 35 days sufficiency (Land -19 and Marine-16).

According to him, the latest directive by the minister is also to enable marketers to make adequate preparations toward products sourcing and importation.

He commended the minister for all the proactive initiatives put in place to ensure products availability across the nation and at PPPRA-regulated price.

He appealed to all oil marketers to reciprocate government’s gesture by commencing the process of products purchase in time in order to forestall any future shortages.

The executive secretary promised to ensure prompt processing of documents for all imported products duly brought into the country.

He recalled that the minister commenced a regime of early release of quarterly PMS allocations, with the release of Q2 in April 2014, in addition to a supplementary Q1 allocation.

He said apart from providing additional imports to supplement prevailing level of importation, the approval was responsible for availability of petroleum products across the country at regulated prices. (NAN)

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