The Federal Government, through the Petroleum Products Pricing Regulatory Agency (PPPRA), has warned oil marketers and other operators in the downstream sector against non-compliance with the provisions of the Petroleum Products Commercial Framework Regulations.
The PPPRA, in the regulations seen by our correspondent, said failure to comply with the provisions would attract sanctions, including suspension from operations.
It said, “Downstream operators (including refiners, marketers, depot owners, wholesalers, retailers, traders, etc.) wishing to carry out the business of petroleum products in Nigeria should submit Expression of Interest together with all relevant documents required for registration with the agency. “All applications for registration with the agency shall be subject to due diligence and execution of contract agreement, and registered operators shall be issued a commercial licence to supply petroleum products.”
According to the PPPRA, any company registered and captured in its database wishing to supply petroleum products into the domestic market shall apply to the agency for Quantity Notification. “The agency’s QN shall be a precondition for the issuance of DPR’s (Department of Petroleum Resources) import permit,” it said. The agency said marketers’ quarterly supply plan should be submitted to it at least two weeks before the beginning of every quarter for planning purposes.
Credit: THE PUNCH