Wednesday, 23 January 2013

PPPRA lists terms for oil marketers in subsidy regime

The Petroleum Products Pricing Regulatory Agency (PPPRA) has listed fresh regulations for marketers participating in the scheme.
At a meeting with oil marketers and other stakeholders in the downstream sector in Abuja, the Executive Secretary of the PPPRA, Mr. Reginald Stanley, said the agency would not issue the Sovereign Debt Statement (SDS) to any marketer that failed to show evidence of participation in the truck-out policy. The truck-out policy refers to a system whereby fuel is taken from a farm and distributed to filling stations.
To facilitate robust operation, which would further consolidate the gains of the 2012 policy intervention in the downstream, Reginald reiterated that the PPPRA would take all necessary steps to ensure that oil marketers provide unhindered access to inspectors nominated by the agency, in addition to providing access for inspectors to undertake opening and closing tanks dips, as well as opening and closing meter readings at the depots. This, he added, was to curb sharp practices by some marketers.
However, he was not oblivious to the inability to redeem SDS, immediately after the stipulated 45 days, which impaired marketers’ capacity to import.

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