PPPRA template: Petroleum Minister, PPPRA, marketers in close door meeting

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The Minister of State for Petroleum Dr Emmanuel Kachikwu met behind Closed doors with the newly appointed acting Executive Secretary of the Petroleum Products Marketing Agency (PPPRA) and members of the Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Products Marketers Association of Nigeria (DAPPMA).
Nigerian NewsDirect learnt that the closed door meeting took place for introduction of the Acting Executive Secretary Mrs Sotonye Iyoyo to the chief Executive Officers of Petroleum Marketing Companies and resolving of disagreement over the new pricing template of the downstream regulator. The new pricing template of the PPPRA was considered as anti-investment policy of the Federal Government capable of worsening the fortune of petroleum marketers particularly with the uncontrollable steady fall in the value of Naira against other foreign currencies.
This meeting, we gathered was informed by the resistance of President Muhammadu Buhari to announce officially the devaluation of Naira thereby reducing the wide gap between the official and black market exchange rate.
Feelers from the marketers had revealed that access to foreign exchange by banks for fuel importation has worsened and thereby making it difficult for them to finance fuel import figure approved by the PPPRA. According to our source, the NNPC in realization of difficulties facing marketers in souring for foreign exchange had reduced the volume of importation approved by the Petroleum Minister for the NNPC recently contrary to the usual figure whereby the marketers share 70 per cent figure and the NNPC takes 30 per cent.
The Minister according to our source called for the cooperation of marketers for the Acting Executive Secretary of PPPRA to help resist further the resurgence of fuel queues in Abuja and other Northern cities.

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