The permit will ensure the stability of fuel supply during the yuletide.
The Petroleum Products Pricing Regulatory Agency, PPPRA, says it would soon issue fourth quarter fuel importation permits to petroleum products marketers in a bid to guarantee stability in fuel supply ahead of the forthcoming yuletide.
But the agency has given indications that it would adhere strictly to approved regulations and guidelines to ensure that only those with the adequate capacity are issued with such permits. It pointed out that plans have been concluded to release the names of marketers granted import licences for the fourth quarter.
“We will soon announce the names of successful marketers for the fourth quarter after the rigorous process. Over 30 marketers have been shortlisted,” a top official of the Commission who pleaded anonymity, said.
According to the official, the quarterly allocation of import permits was based on companies’ previous performance, competence and evidence of ownership of functional depots/jetties, among others.
He said holders of the permit would also be required to furnish PPPRA with daily records of products loading, evacuation from designated depots to ensure accountability, warning that stiff sanctions await any infractions.
The agency, he assured, is committed to working with relevant government bodies and stakeholders to ensure adequate supply of the products, particularly as the annual season of festivities is approaching. He restated the agency’s resolve to continue to promote transparency and accountability in line with international best practice.
The Executive Secretary of the PPPRA, Reginald Stanley, had, upon assumption of duty in late 2011, slashed the number of marketers from over 120 in 2011 to 42 for the first and second quarters of 2012 and 39 companies for the third quarter of the year.
The 42 oil marketers granted import permits in the first quarter of the year were mandated to import a total of 3.755 million tonnes of petrol, which is equivalent to 5.036 billion litres of petroleum products.
It, however, reduced the volume in the second quarter to 3.575 million tonnes or equivalent of 4.794 billion litres, reflecting a drop of 180,000 metric tonnes or 241.38 million litres.
In the third quarter, 39 oil marketers were issued permits to import 3.125 million metric tonnes of fuel, an equivalent of 4.20 billion litres.
Mr. Stanley said the reduction in the number of companies participating in the fuel importation was to ensure better transparency as well as help check shady deals in the country’s fuel import scheme.