• Sunday, May 19, 2024
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BusinessDay

Minister reassures Nigerians of uninterrupted petroleum supply

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In a bid to ensure that Nigerians carry out their daily activities without hindrances throughout the rest of the year and beyond, the Federal Government and Ministry of Petroleum Resources, through the Petroleum Products Pricing Regulatory Agency (PPPRA), have concluded plans to guarantee constant supply of Premium Motor Spirit (PMS), otherwise known as petrol, in the country.

Farouk Ahmed, executive secretary, PPPRA, who disclosed this in his review of the agency’s activities for the year, said Nigerian consumers have been experiencing improved and constant availability of PMS across the nation during the year.

Farouk reassured Nigerians that “as part of the drive to ensure constant availability of fuel  as we move into the Muslim/Christian holiday period and the upcoming political activities leading to 2015 elections, Dieziani Alison-Madueke, minister of Petroleum, has recently approved allocation to marketers to bring in additional fuel (PMS) into the country.”

He added that government’s commitment to its reform initiatives in the downstream sector has resulted in constant supply and availability of PMS in all parts of the country and has ensured that the price of the product in the traditionally-high-price areas in the Northern and Eastern parts of the country dropped considerably during the year.

“As the year progresses, we also expect to see a reduction in the financial strain of the subsidy on the budget as the price of crude oil falls, thereby reducing the landing cost of PMS and the subsidy contribution from the Federal Government,” Ahmed said.

Assuring consumers of adequate supply of quality products in line with international best practice, Ahmed appealed to  Nigerians not to engage in panic-buying or product-hoarding, adding that the PPPRA, in conjunction with the Department of Petroleum Resources (DPR), will ensure that consumers are not taken advantage of in any way.

In the past, Nigerian consumers have experienced crippling fuel scarcity intermittently, but for many months now, long queues of vehicles at petrol stations have disappeared across the country. The problem has apparently been put under control by the administration of President

Goodluck Jonathan, it was gathered.

The Federal Government and Ministry of Petroleum, through PPPRA, have effectively ensured constant supply of Premium Motor Spirit (PMS), otherwise known as petrol, to every part of the country. This explains why price differentials in all parts of the country have also vanished. As Nigeria moves towards the end of the year, when consumption of PMS is usually at its highest level, the PPPRA, on the directives of the minister of Petroleum Resources, has mapped out strategies to guarantee steady supply of the petroleum products to all parts of the country.

The Petroleum Products Pricing Regulatory Agency (PPPRA) is an agency of the government of Nigeria established in 2003, to among other responsibilities, monitor and regulate the supply and distribution, and determine the prices of Petroleum Products in Nigeria.

ODINAKA ANUDU