Fuel Depots To Pay NNPC’s Shipping Charges In Naira

The Nigerian National Petroleum Corporation has agreed to accept naira payments from depot owners for the use of its vessels for transporting petroleum products to their facilities, as part of efforts to ensure smooth supply and distribution of products across the country.

The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Mr Farouk Ahmed, disclosed this on Tuesday at the end of a stakeholders’ meeting in Lagos.

The heads of the Major Oil Marketers Association of Nigeria, the Depot and Petroleum Products Marketers Association of Nigeria, the Nigerian Maritime Administration and Safety Agency and the Nigerian Ports Authority were also at the meeting.

Ahmed said, “Recently, there have been a lot of concerns because of the perceived scarcity of petroleum products, particularly Premium Motor Spirit.

“There were some concerns raised by the marketing companies concerning logistics of delivery and financing of the logistics. So, we called the meeting of all stakeholders to deliberate on these concerns and see ways of addressing the situation.”

Economic Confidential had reported last week that queues by motorists for petrol were seen in parts of Abuja, Nasarawa and Niger on Monday and Friday.

Fuel retailers had told one of our correspondents early last week that private depot owners raised the ex-depot price of petrol from the approved N149/litre price to between N154 and N156/litre.

In a communique signed by heads of NMDPRA, NNPC, MOMAN and DAPPMAN, the stakeholders assured Nigerians of the supply of sufficient PMS to the country.

It said, “NNPC shall immediately revert to naira-denominated invoices for excess capacity for coastal movement using the I&E window rate for the time being.

“NIMASA and NPA are to engage their supervising ministry and the CBN to seek ways of addressing the challenges relating to the payment of dues and levies in US dollars.”

It was also agreed that the regulator, NMDPRA, should engage stakeholders on the reconciliation of bridging claims as the current bridging and administrative charges would continue to apply.

Ahmed, said, “Marketers/depot owners are to start charging the official ex-depot price immediately. NMDPRA will engage stakeholders within the first quarter of 202 on the implementation guidelines and timelines of the Petroleum industry Act 2021.

“All stakeholders agreed to collaborate to ensure smooth and sufficient supply and distribution of petroleum products to all parts of the country. MOMAN and DAPPMAN are to immediately communicate this resolution to marketers.”