The Governing Board of the PPPRA today held its second quarterly review meeting and deliberated on recent developments in the downstream petroleum sector. Representatives of the Nigeria Labour Congress (NLC) and the National Union of Road Transport Workers (NURTW) attended the meeting for the first time since itís the establishment of the PPPRA a year ago.
The meeting discussed various issues including the recent occurrences in the international sphere of the downstream oil sector, the state of the domestic refineries, participation in procurement of products as well as other market fundamentals. Members of the Board equally deliberated on the state of affairs in general especially the price levels and the scale of availability of petroleum products in the country.
Of particular interest to the meeting was the issue of the suspended Fuel Levy refunds that continues to attract the attention of many industry watchers. The PPPRA wishes to state that contrary to reports that levies collected were unaccounted for, a total of N834,258,793.00 has been refunded by Marketers and paid into the relevant account at the Central Bank leaving a balance of N12,626,404.50. This in effect means 98.5% compliance by the affected Marketers.