Font size:

 

The Petroleum Products Pricing Regulatory Agency (PPPRA) has shortlisted 42 oil marketing firms to import 4,794,075,000 litres of premium motor spirit (petrol) for the second quarter of this year.

In a statement signed by the Executive Secretary of PPPRA, Reginald C. Stanley, the agency said the 42 companies include all members of the Major Oil Marketers Association of Nigeria (MOMAN), Oando, Total, Mobil, MRS, Conoil, Forte Oil (formerly African Petroleum) as well as prominent independents such as Aiteo, Capital Oil, Folawiyo, IPMAN, Nipco, Sahara Energy, Integrated, and Ascon Oil. The Nigerian National Petroleum Corporation (NNPC) was also shortlisted.

The companies were found to be efficient, the PPPRA chief noted, adding that issuance of import allocations would be based on performance.

Stanley said: “In line with the statutory mandate of the PPPRA, as provided for by the PPPRA Act No. 8 of 2003, which is to, among others, regulate the supply and distribution of petroleum products nationwide, the PPPRA has issued permits to 42 eligible marketers for the supply of a total quantity of 3,575,000 MT (4,794,075,000 litres) of premium motor spirit (PMS) for the second quarter of 2012.

“The volume to be supplied into the system for second quarter 2012 is based on marketers’ performance in the past, and their ability to secure the needed financing.”

Stanley also warned marketers to heed all regulatory requirements for importation of fuel and evidence that the products were discharged and distributed in the country.”

He said: “The title of the permit resides with the beneficiary company and shall not be assigned to third party under any circumstance whatsoever. All imports at the point of tendering notices of arrival and readiness (NOA &NOR), must be accompanied with letter of credit, proforma invoice and Form M, among several requirements. Any volume discharged in excess of the approved volume for the quarter shall not be considered for payment under the scheme, except within the usual operational tolerance of plus or minus 10 per cent.

“The agency decided not to hold marketers responsible for the poor performance in the fourth quarter of 2011 and first quarter of 2012 supplies at about 33 per cent, as it was occasioned by a force majeure in the operating environment. However, from second quarter of 2012, failure of a company to deliver the approved volume shall render the company liable for exclusion from the scheme for two successive quarters or more, aside from the payment of appropriate reengagement fees to the agency.”

-The Nation

Posted by admin on Mar 13 2012. Filed under Headlines, Oil Politics. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry