THERE are strong indications that the Nigerian National Petroleum Corporations (NNPC) may become sole importer of refined petroleum products in Nigeria.
Investigations by the Nigerian Tribune revealed that the NNPC, through its subsidiary, Pipeline Product Marketing Company (PPMC), imported about 60 per cent of total refined petroleum products, including Premium Motor Spirit (PMS), otherwise called petrol and Dual Purpose Kerosene (DPK).
Failure of the Petroleum Products Pricing Regulatory Agency (PPPRA) to approve the list of marketers, who are supposed to import for the first quarter of 2013, has also raised suspicions on the part of the NNPC, the greatest beneficiary of subsidy claim provision for all imported refined products.
But, according to an industry source who pleaded anonymity, “the first quarter allocation is being delayed to allow PPMC to import enough products, so as to afford NNPC the opportunity of huge subsidy claims.”
Explaining further on how NNPC claims its subsidy, he said the corporation deducted its subsidy from crude oil proceeds without recourse to approval of Minister of Finance or due process.
An independent marketer, however, posited that if the list for first quarter allocation was not released this week, “then marketers should forget about first quarter importation. It takes time to put logistics in place for fuel importation.”
It may be recalled that while defending how NNPC spent the “missing” $10.8 billion, the Group Executive Director, Finance and Accounts Directorate, NNPC, Mr Bernard Otti, had stated that subsidy claimed by NNPC during the period gulped $8.49 billion (N1.4 trillion).
The Executive Secretary, Major Oil Marketers Association of Nigeria (MOMAN), Femi Olawore, had warned of imminent fuel scarcity because of fewer stock of petrol at various depots in Apapa, due to non-approval of first quarter allocation by the PPPRA.
However, the spokesman of NNPC, Mr Omar Farouk, refuted the position of Olawore, stressing that the corporation had enough stock to last for weeks.
Source: Tribune
