NMDPRA, NNPC, others, adopt measures to avert fuel scarcity

. Naira denominated invoices accepted for coastal movement

To stave off fuel scarcity following the resurgence of queues in some parts of the country, industry stakeholders have adopted new measures to sustain products availability and supply stability.

This is part of the decisions reached at a stakeholders’ meeting in Lagos, yesterday, which had in attendance, the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA);  NNPC Limited, Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN);  Major Oil Marketers Association of Nigeria (MOMAN), and a host of others.

The stakeholders, agreed to remove all hindrances, capable of stalling supply nationwide, according to a communiqué signed by the representatives, NMDPRA CEO, Farouk Ahmed; NNPC’s Yemi Adetunji; MOMAN’s Clement Isong; , Executive Secretary, and DAPPMAN’s Olufemi Adewole.

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 the payment of dues and levies in US Dollars.

The communiqué reads: “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 the 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.”

Recall that on Monday, NNPC had earlier cautioned motorists and consumers of petroleum products against panic-buying, assuring it has over 1.7 billion litres of premium motor spirit (PMS) also called petrol in stock, even as more products were “expected to arrive into the country daily over the coming weeks and months.”