Fuel Import: FG Approves Early Release Of Q2 Allocation

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Juliet Alohan

— April 21, 2014

As part of measures to ensure steady supply of fuel across the country and avoid scarcity of the product, the federal government has approved the early release of the second quarter (Q2) 2014 fuel import allocation.
The approval which was given by the minister of petroleum resources, Mrs. Diezani Allison-Madueke, also included supplementary Q1 fuel import allocations.
In a statement made available to LEADERSHIP yesterday, the Petroleum Products Pricing Regulatory Agency (PPPRA) while commending the minister for the early approval , urged marketers to continue bringing in their products and assured of prompt processing of documents.
“The management of PPPRA commends the honourable minister and charged marketers to take advantage of both the Q1 supplementary PMS allocation, as well as the early release of the Q2 allocation, to bring in their products, promising to ensure prompt processing of documents for all imported products,” the statement signed by Lanre Oladele said.
The development which caught most stakeholders by surprise, according to a PPPRA source, is intended to further assist in providing additional imports to supplement the current level of importation into the system with the aim of improving the national PMS supply situation and stock build-up.
This is the first time such an approval would be done way-ahead of any anticipated quarterly allocation. It is expected that the gesture would enable all importers ample time to conclude their purchases and also bring same into the Nigerian market.
Given the challenges of products supply witnessed in the country in recent times, the source described the development as a good omen for the industry.
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