We’ve not stopped processing fuel subsidy payments, says PPPRA

The Petroleum Products Pricing Regulatory Agency (PPPRA) has assured oil marketers that it has not stopped processing subsidy claims from genuine importers of petroleum products contrary to some speculations.

Assurance by the PPPRA came just as the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, advocated an integrated approach to tackling the challenges confronting the country’s refineries to achieve maximum output from them within the shortest possible period.

The Executive Secretary of the PPPRA, Mr Reginald Stanley, gave the assurance this while addressing reporters in Abuja at the end of the mid-quarter performance review of premium motor spirit (PMS) imports for the fourth quarter of last year. He noted that the agency has completed the processing of all claims for marketers for 2011.

He said: “While marketers have been holding back to imports due to the unavailability of credit lines by banks, the recent pronouncement of proposed N888 billion for subsidy provided in the 2012 budget should give enough comfort, both to the marketers and banks to resume imports very aggressively.”

He said the mid quarter performance review of PMS shows 27 per cent achievement by marketers.

“There will be a final appraisal of the fourth quarter performance on March 31, 2012 and companies that did not perform up to expectation will not only be sanctioned but will be dropped in subsequent quarters,” Stanley said.