Agency says FG not owing fuel marketers N660B

The Petroleum Products Pricing Regulatory Agency (PPPRA) on Thursday denied reports speculating an imminent fuel scarcity over Federal Government’s inability to pay fuel marketers’ N660 billion debt‎.

In a statement released in Abuja by the PPPRA spokesman, Mr Lanre Oladele, the agency said the report was misleading and “a gross misrepresentation of facts”.

‎”There were reports that fuel queues may soon return following the Federal Government’s inability to settle marketers’ N660bn debt and non-availability of foreign exchange to fund fuel imports.

"PPRA wishes to state unequivocally, that these stories are gross misrepresentation of available facts at our disposal, hence misleading.

”For the avoidance of doubts, the National Petroleum Products Stock data and import plan, currently indicate that the country has two months Premium Motor Spirit (petrol) sufficiency.

”Hence, we want to assure motorists and commuters alike, that the products supply situation is robust and able to cater for the fuel needs of all Nigerians, pending when ongoing challenges are addressed.

”As a corollary to the above, PPPRA also wants to inform that contrary to a widely-held belief on the status of kerosene, the product is fully deregulated.‎

”We hereby appeal to all Nigerians to remain calm and desist from any form of panic-buying, as we assure of our total commitment to adequate products supply and distribution across the country, in line with our mandate,” Oladele said.‎

He appealed to all depot owners to adhere strictly to the subsisting truck-out principle in order to ensure that products get to retail outlets across the country in a seamless manner.

”The Agency shall not hesitate to apply appropriate sanctions where necessary,” he warned.