PPPRA to tighten guidelines on petrol import regulations, roll out sanctions for operators

0

By Mordi chukwunonso Esther 

The Petroleum Products Pricing Regulatory Agency (PPPRA) has tightened the guidelines for the supply of petroleum products into the country, with the roll out of sanctions for marketers and operators that breach any segment of the new framework.

In a report by sweet crude reports, the PPPRA disclosed this in its new regulations titled, the ‘Petroleum Products Commercial Framework (PPCF) Regulations, 2020’ where it is making it mandatory for all operators and marketers seeking to supply petroleum products in the country to obtain a commercial licence from it; be issued with a Quantity Notification, and furnish it with their quarterly supply at least two weeks before the quarter commences.

In addition, the PPPRA further made it compulsory for indigenous refining companies to furnish it with monthly data on their refinery production and evacuation; while marketers are expected to submit their daily truck out plans, to enable it develop accurate database for proper planning and decision making.

In the regulations, recently gazzetted, the PPPRA disclosed that it would from time to time, request information from oil marketer for the purpose of determination of indicative prices in the downstream sector while it would also monitor prevailing market fundamentals and periodically advise on indicative prices in the downstream sector.

It further stipulated that marketers are inform it of the sources of their products, submit vessel details and also pay administrative charges on all petroleum products, at least three after discharge of the products.

The PPPRA stated that any oil trading and supply firm that supply petroleum products to the Nigerian market without obtaining its approval would incur a penalty of N1.5 million and would be required to register the company before commencement of further operations; while those that fail to disclose required documentation to it would incur a penalty of N500,000 and would be compelled to provide the required documents.

For oil trading/supply companies that submit forged vessel documents and other paperworks, the PPPRA said they would be suspended from operations for three months, in addition to the matter referred to the appropriate government agency for investigation and prosecution, while the defaulters would be required to pay a re-admission fee of N5 million to the agency.

In addition, the PPPRA stated that any oil marketing company, including the Nigerian National Petroleum Company (NNPC) that fails to register or renew their registration with it, would incur a penalty of N500,000 and be compelled to obtain the necessary approval to discharge the cargo, ensuring that the registration processes is completed within one month.

Any oil marketing company, including the NNPC, who import or supply products with the Quantity Notification (QN) would be suspended for a period of three months and would be made to pay a penalty of N1.5 million; while submission of forged vessel documents, among other documents would be suspended for three months, pay a re-admission fine of N5 million after the matter would have been reported to the appropriate government agency for investigation and prosecution.

In addition, the PPPRA declared that any oil marketing company, including the NNPC that fails to pay the administrative charge, three days after being issued a demand note, would be restricted from evacuation/truck out of product until payment of the charge, in addition to a fine of N250,000.

Leave A Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More