The crisis brewing on account of the recent increase of ex deport prices of Premium Motor Spirit or petrol by the Pipelines Product Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), which is feared has started creating fuel scarcity and increase in the price of PMS in some quarters have been resolved by stakeholders.
The resolution of the matter was contained in a communiqué signed by stakeholders at a meeting held in Lagos on Tuesday.
The organizations represented at the meeting are, the Nigerian Midstream and Downstream Petroleum Regulatory Authority ( NMDPRA), NNPC, Major Oil Marketers Association of Nigeria (MOMAN), and Depot and Petroleum Products Marketers Association of Nigeria( DAPPMAN).
At the end of the meeting, the stakeholders gave assurance of unhindered petroleum products supply and distribution in the country.
The NNPC assured the stakeholders of the supply of sufficient PMS to the country. NNPC is the sole importer of petrol in the country.
The communiqué was signed by Farouk Ahmed, executive secretary of NMDPRA, Yemi Adetunji of NNPC, Clement Isong of MOMAN and Olufemi Adewole of DAPPMAN.
According to the communiqué, it was agreed that NNPC shall revert immediately to Naira denominated Invoices for excess capacity for coastal movement using I and E window rate for the time being.
NIMASA and the Nigerian Port Authority NPA are to engage their supervising ministry and the Central Bank of Nigeria (CBN) to seek ways of addressing the challenges relating to payment of dues and levies in U.S. dollars
The NMDPRA on its own was mandated to engage stakeholders on reconciliation of bridging claims while the current bridging and administrative charges shall continue to apply.
Marketers and depot owners on the other hand are to start charging the official ex-depot prices immediately.
NMDPRA will engage stakeholders within the first quarter of 2022 on the implementation guidelines and timelines of the Petroleum Industry Act.
All the stakeholders agreed to collaborate to ensure smooth and sufficient supply and distribution of petroleum products to all parts of the country.
The Nigerian National Petroleum Corporation (NNPC) has tried to douse the tension created in the market by the sudden increase in the ex-depot price of Petrol by assuring Nigerians of an adequate supply of Premium Motor Spirit (PMS).
In a statement on Monday, the NNPC said it has stocked up over 1.7 billion litres of the product and advised motorists and others not to engage in panic buying.
“The NNPC 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 statement, signed by the Group General Manager (Public Affairs), Garba Muhammad, added.
“It is, therefore, unnecessary to entertain any fear of scarcity of petrol throughout the festive season and beyond.”
The NNPC equally said it is not aware of plans by the government to increase the pump price of petroleum.
“The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) made that declaration last week,” he explained.