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NNPC May See a Significant Reduction in Import Allocation in Q2

NNPC
As part of moves to find a lasting solution to the recurrent fuel shortages in the country, the Nigerian National Petroleum Corporation, NNPC, may see a significant reduction in its import allocation beginning from the second quarter of this year. This comes as the corporation, yesterday, said it loaded out about 1,180 trucks approximately, 41 million litres, nationwide, of which Lagos had about 462 trucks, Abuja 129, and the balance to the rest of the country.


A top management source at the Petroleum Products Pricing Regulatory Agency, PPPRA, told  Vanguard  in confidence that the decision followed a stakeholders’ meeting held at the agency’s headquarters in Abuja, as it became apparent that NNPC could not meet the 78 percent quota allocation it got for quarter One.

The source said: “Since it became obvious that NNPC cannot meet the quota allocated to it to import petroleum products, there was a stakeholders’ meeting on February 23 to discuss the issue. All present agreed that PPPRA should free some more allocations in favour of the major and independent marketers who have the capacity to import.”

Major and independent marketers have continued to criticise the lopsided Q1 imports allocation, in which about 18 allottees got 22 percent of the quarter’s allocation, a development they argued was a return of downstream monopoly in favour of NNPC.

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