Home Business Looming petrol scarcity, NNPC to revert to Naira denominated invoices for coastal movement to prevent scarcity, sustain stability

Looming petrol scarcity, NNPC to revert to Naira denominated invoices for coastal movement to prevent scarcity, sustain stability

by Business News Report

NNPC Limited, Major Oil Marketers Association of Nigeria, MOMAN and other stakeholders, yesterday, adopted new measures to prevent petrol scarcity and maintain stability in the downstream sector of the nation’s petroleum industry.  Under the new arrangement adopted at the stakeholders meeting in Lagos, Tuesday, they agreed to remove all hindrances, capable of stalling supply nationwide. Specifically, in a communique signed by the Engr. Farouk Ahmed, Nigeria Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Engr. Yemi Adetunji, NNPC, Mr. Clement Isong, Executive Secretary, MOMAN and Mr. Olufemi Adewole, Executive Secretary DAPPMAN, they, stated: “The Nigerian National Petroleum Corporation, NNPC, assures the supply of sufficient PMS to the country. 

“NNPC shall immediately revert to Naira denominated invoices for excess capacity for coastal movement for the time being. Nigerian Maritime Administration and Safety Agency, NIMASA and Nigerian Ports Authority, NPA are to engage their supervising Ministry and the CBN to seek ways of addressing the challenges relating to payment of dues and levies in US Dollars. NMDPRA to engage stakeholders on the reconciliation of bridging claims. The Marketers/Depot Owners are to start charging the official ex-depot price immediately. NMDPR will engage stakeholders within the first quarter of 2022 on the implementation of guidelines and timelines of the Petroleum Industry Act, PIA in 2021.  All stakeholders agreed to collaborate to ensure smooth and efficient supply and distribution of petroleum products to all parts of the country.” 

“MOMAN and DAPPMAN are to immediately communicate this resolution to marketers.” NNPC had two days ago assured consumers of availability of the product following marginal hike in the pump price by most independent retailers. It urged consumers to avoid panic buying and cautioned marketers against hoarding the product. NNPC disclosed that it has over 1.7 billion litres of petrol in stock and more product “is expected to arrive into the country daily over the coming weeks and months”. The Corporation explained that “it is therefore unnecessary to entertain any fear of scarcity of petrol throughout the festive season and beyond. NNPC is also not aware of any plan by government to cause an increase in the pump price of petroleum. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has made that declaration last week.

“In view of these assurances therefore, the NNPC is advising motorists and other consumers of petrol to maintain their regular pattern of the purchase of petrol without getting into a panic situation that may send the wrong signals around the country. NNPC is also engaging all stakeholders to ensure smooth supply and distribution of products to every part of the country during the festive season and beyond”.

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