Market News

Payment Of Port Charges In Dollars Causing Fuel Scarcity - NMDPRA - NIGERIAN TRIBUNE

NOVEMBER 24, 2021

By Tola Adenubi - Lagos

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has blamed the collection of port charges in dollars for the resurfacing of queues in filling stations around Abuja and its environs in recent days.

Addressing State House correspondents after a meeting with President Mohammadu Buhari in Abuja on Tuesday, the Managing Director, Ceo of the NMDPRA, Faruk Ahmed, explained that due to the fact that payment for shipping logistics at the ports are carried out in Dollars, that is why some of the depot owners are selling PMS above the official ex-depot price of N148.

According to the NMDPRA Chief executive, “You see intermittent queues in some parts of Abuja and environs. Basically, what happened is that some of the depot owners are selling PMS above the official ex-depot price of N148, they are selling at N156, N157.

“The reason they adduced is that they are paying for their logistics like shipping in US dollars. They’re paying the Nigerian Ports Authority(NPA), the Nigerian Maritime Administration and Safety Agency (NIMASA) port charges in US dollars.

“They have to go to black market to source for these US dollars. And that differential between the official and the black market rate that they buy is why they added about N9, N10 and N15 to what they are selling, and this depends on whether you are in Lagos, Calabar, Port Harcourt, or Oghara.

“However, to correct this, we had a meeting the week before last Tuesday, and the NPA was there represented. The Director-General of NIMASA was there as well. NNPC, major marketers were all there and we all agreed and resolved that NNPC’s excess capacity of their shipping vessels will be chartered to all marketing companies to charge in Naira so that NNPC now will go and source for US dollars through the CBN.

“As for the NIMASA and NPA charges that are being done in Dollars, it was all agreed that they will revert to their supervising ministry, that is the Federal Ministry of Transportation to get direction on the receipt of these charges in Naira, rather than US dollars; and I understand the process of that engagement with their supervising ministry has already commenced.”


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