Connect with us

Business

No Subsidy Payment For Audited PMS Stocks – PPPRA

Published

on

The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced that audited Premium Motor Spirit (PMS) or petrol already in tanks at various depots of petroleum marketers in the country would not qualify for payment of subsidy claims.

The decision was reached at a meeting with operators in the downstream sector, hosted by the PPPRA in Abuja, last week.

The meeting was convened to address crucial issues in the downstream, arising from the deregulation of the PMS market by the Federal Government as announced by the PPPRA on January1 this year.

A document sighted by The Tide source, explained that in determining the subsidy computation for last month, stock of PMS, certified by independent inspectors in tanks belonging to petroleum marketers as at January 1, would not qualify for subsidy claims.

The action, initiated by the PPPRA in line with the transparency regime, initiated by the new Executive Secretary of the agency, Stanley Reginald, was designed to prevent the Federal Government from losing huge revenues through submission of subsidy claims by marketers, who are currently selling the products to the public at deregulated prices.

The document stated that the year-end stock taking exercise at the depots, carried out nationwide on January 1, was done primarily to determine the actual consumption of gasoline nationwide, following the spiraling consumption figures of the product over the years.

It affirmed that the PPPRA’s monthly stock taking exercise at the depots would continue during the regime of deregulation.

According to our source, the meeting was convened by Reginald to solicit the co-operation of all operators for the success of the deregulation policy and to enable him clarify crucial issues relating to the modalities of implementation of the policy.

At the meeting, the PPPRA chief itemised the thrust of the new policy as it related to fuel importation under a deregulated regime and implementation of the indicative benchmark pricing system.

It was resolved that import volume determination by independent cargo inspectors would be maintained for monitoring and data collection purposes by the PPPRA and that the agency would also continue to provide maximum indicative benchmark prices every fortnight for depots and open-market retail sales outlets.

At the meeting, the PPPRA maintained that a pricing template was the final guiding document for importation, storage, transportation and sales of petroleum products in the current deregulated dispensation, stating that no operator was at liberty to alter any of the cost elements.

According to Reginald, following the new pricing regime, marketers who sell above the indicative benchmark price, provided by the PPPRA will be subjected to serious penalty by relevant regulatory agencies, including the revocation of their import or operating licenses by the Department of Petroleum Resources.

The PPPRA, however, noted that all operators should view the current template as a take-off point, while the agency sought means of developing a reactive template that would capture sudden and emerging realities.

The agency charged industry operators to improve on their efficiency since downstream operation was volume-driven and that the current PPPRA pricing template was adequate in ensuring cost-recovery on petroleum product imports by marketers.

The agency also gave an assurance that it would continue to issue quarterly import permits to marketers in the exercise of its regulatory mandate.

Reacting to the position of the PPPRA, industry operators, including members of the Major Oil Marketers Association of Nigeria, Depot and Petroleum Products Marketers Association and the Independent Petroleum Marketers Association of Nigeria, collectively welcomed the deregulation policy of government, promising to support the policy in full force.

Marketers, however, stressed the need for the Nigerian Police Force to ensure safety of all depots, trucks and retail outlets from possible threats, following post-deregulation protests.

They advised the PPPRA to host a bankers’ forum to address issues relating to petroleum products financing, to boost the confidence of the banking sector in the downstream.

The marketers also called for adequate repair of roads in the country to ensure smooth haulage of products by transporters, calling for the implementation of the FERMA Act, relating to five per cent user charge on petroleum products for road maintenance.

Continue Reading

Business

NPA Assures On Staff Welfare 

Published

on

The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

on

National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

NSC, Police Boost Partnership On Port Enforcement 

Published

on

In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
Continue Reading

Trending