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From Uche Usim, Abuja
Amid declining global demand of petroleum products worsened by the Novel Coronavirus outbreak, the Executive Secretary, Petroleum Products Pricing Regulatory Agency (PPPRA), Abdulkadir Saidu, on Sunday assured Nigerians of sufficient supply of needed energy to operate optimally.
The agency in a recent report indicated that the average petrol days sufficiency in January was 41.34 days, diesel, 45.04 days, household kerosene (HHK), 9.36 days, while Aviation Turbine Kerosene (ATK) and Low Pour Fuel Oil (LPFO) were 53.73 and 33.75 days respectively. This is coming as the spread of the Coronavirus raises fears of slowing global demand.
The PPPRA January 2020 report on oil and gas sector operations showed that the national supply of PMS was 1,828.62 billion litres, while Automotive Gas Oil (AGO) and Aviation Turbine Kerosene (ATK) were 423.27 million litres and 96.70 million litres respectively.
Furthermore, a similar report highlighting activities of the Agency for week 21st – 27th February 2020 revealed that the average days’ sufficiency stood at 42.28 days for PMS, AGO was 44.73 days while HHK was 20.36 days and ATK 36.22 days. During the week in view, the total volume of PMS and AGO discharged were 551.01 million litres and 84.84 million litres respectively.
Also, Crude oil prices in January averaged $63.51, $64.06 and $58.29 per barrel for Brent, Bonny and WTI respectively, as against the December average prices of $67.02, $65.94 and $60.67 per barrel. Available data for week 4 of February 2020 indicated declines in the prices of Brent, Bonny and WTI, which averaged $57.17, $57.14 and $52.86 per barrel respectively.
The report showed that constant monitoring of products supply and distribution by the Agency as well as the entrenchment of responsive pricing policy through monitoring of trends in market fundamentals and updating pricing template contributed to product availability nationwide.
In addition, sharp practices by some operators were greatly reduced as a result of vessel tracking, efficient scheduling and monitoring by PPPRA independent cargo surveyors and field operatives.
The agency also ensured that the NNPC and other Marketers maintained strict compliance with approved guidelines for importation of petroleum products.
