PPPRA has reduces the number of importers from 42 to 39
Petroleum Products Pricing Regulatory Agency (PPPRA) has reduced the number of importers from 42 to 39.
The reduction in the number of companies that participated in fuel importation in the first and second quarters, it was learnt, is to check shady deals in the nation’s fuel import scheme.
Besides, the PPPRA has also slashed the third quarter fuel imports volume by 450,000 metric tonnes, an equivalent of 603.45 billion litres.
By this development, the 39 oil marketers would be issued with permit to import 3.125 million metric tonnes of fuel, an equivalent of 4.20 billion litres, which is a drop from the 4.794 billion litres imported in the second quarter.
The agency in the first quarters of the year had issued permits to 42 oil depot and facility owners to import a total of 3.755million metric tonnes of petrol, which is equivalent to 5.036 billion litres.
It, however, reduced the volume in the second quarter to 3.575 million metric tonnes or equivalent of 4.794 wbillion litres, reflecting a drop of 180,000 metric tonnes or 241.38 million litres. Following the corruption and sharp practices that characterised the fuel import scheme, which made the funds appropriated for fuel subsidy to drastically overshoot the N240 billion budget mark and the attendant crisis over fuel subsidy removal that ignited a nationwide protests and legislative probe, the PPPRA under the leadership of Mr. Reginald Stanley has tried to ensure transparency in the fuel import scheme.
It first reduced the number of fuel importing firms from about 125 to 42 in the first quarter before slashing the volume of fuel import.