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PPPRA TO SANCTION OIL MARKETERS ENGAGED IN ILLEGALITY DURING YULETIDE

By Anthony Isaac

The Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Abdulkadir Saidu has warned petroleum products marketers that they will be serious sanctions on those caught engaging in illegal practices during the festive season.

Saidu in a statement on Tuesday in Abuja, therefore advised consumers against panic buying as petroleum products will be available throughout the yuletide period.

He explained that the average petrol inland stock between 23rd and 29th November 2019 stood at 1,145,365,386 while marine stock was 1,542,779,814 with the total stock standing at 2,688,145,200 litres.

Therefore, inland days sufficiency is 20 days, marine days sufficiency is 27 days while total days sufficiency stands at 47 days.

For users of diesel, he said the country has a total of 593,989,071 litres of AGO or diesel with an inland days sufficiency of 29.56 days and a marine days sufficiency of 12.88 days. Total days sufficiency stands at 42.44 days.

According to him, Nigeria has over six days sufficiency with a total of 8,119,629 litres of house hold kerosene for domestic use.

The PPPRA chief, while assuring motorists of availability of petrol and diesel, also said Nigeria has more than 65 days sufficiency of Aviation Turbine Kerosene (ATK).

He explained that data available revealed that the country has 94,744,314 inland stock and 59,186,300 marine stock of ATK which translates to 40 days of inland days sufficiency and 25 days of marine days sufficiency.

The PPPRA warned marketers to operate within the ambience of the rules that guide downstream operations.

Saidu disclosed that government has no intention of increasing the price of petrol, and there would be no need for hoarding of products by marketers or panic-buying by consumers.

He hinted that while officials of the agency would be deployed to monitor the conducts of the marketers during the period and beyond, the PPPRA would not hesitate to sanction any erring marketer caught engaging in irregular practice.

Written by ExpressDay

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