The Petroleum Products Pricing Regulatory Agency, PPPRA, has slashed the second quarter petrol import allocations to the Nigerian National Petroleum Corporation, NNPC, and the private oil marketing companies.
There are indications that the development will potentially ease the current product shortages.
It was learnt that as part of the measures to correct the distortion and imbalance created by the reduction of the private marketers’ allocation to 28 per cent in the first quarter, the pricing regulatory authority has also slashed the allocation given to the NNPC from the 78 per cent in the first quarter to 41.73 per cent.
The Minister of State for Petroleum, Ibe Kachikwu, who held a meeting with the private marketers at the NNPC Towers in Abuja, on Wednesday, March 30, also warned the oil firms that any of them that failed to perform in this second quarter would be excluded from importation of petrol throughout this year.
RT @BizWatchNigeria: PPPRA Slashes NNPC’s Allocation for Q2 Fuel Imports – https://t.co/bCe8c9d2o3 https://t.co/zm4Ov3ctPZ