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Wednesday, October 23, 2013
Nigeria’s Pipelines and Product Marketing Company (PPMC) has suspended fuel importation, as excessive orders in the wake of the fuel subsidy scandal last year has created a petrol glut. PPMC is a unit of NNPC in charge of the supply of petroleum products to the domestic market.
According to reports, Nigeria has a glut of petrol offshore and will not make purchases in November. A Reuters report has the suspension possibly going to the end of 2013 although other reports say the importation of petrol products will continue.
Spokesman of PPMC, Nasir Imodagbe, was quoted as stating he was not aware of any cancellation of orders, but that a decision to suspend imports would be that of the regulator, the Petroleum Product Pricing Regulatory Agency (PPPRA).
“Whatever volume the PPPRA allocates to us, we ensure to deliver it. If there’s going to be any suspension, it should come from the PPPRA,” Imodagbe said. The PPPRA spokesman also denied there had been any suspension, but added: “We are a regulatory body, we don’t import ourselves.”
In a recent article Nigeria’s ThisDay said that there has also been a delay in the release of the Q4 fuel import allocation by the Ministry of Petroleum Resources. This, as with the slow pace of processing of the outstanding N168billion subsidy claims, has fuelled concerns among the marketing companies on the current stability of supplies across the country. Marketers are still waiting for their import allocation and have contacted the PPPRA but were told that the approval documents were still with the ministry.
The ThisDay report, quoting a source at the Ministry of Petroleum Resources, said the ministry would soon release the allocations to the PPPRA after thorough verification of the performances of the marketers during Q3.
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