PPPRA commences audit of Nigeria’s downstream assets

*Petrol dispenser nozzle.

Ike Amos

Abuja — The Petroleum Products Pricing Regulatory Agency, PPPRA, weekend, said it has commenced a comprehensive audit and survey of downstream oil and gas logistic facilities.

In a statement in Abuja, Executive Secretary of the PPPRA, Mr. Abdulkadir Saidu, noted that the PPPRA noted that this was with a view to assessing their state, adequacy and identify the infrastructure gap in the sector.

According to him, the PPPRA recognises that the state of infrastructure in the downstream petroleum sector requires a constant assessment to ensure uninterrupted supply of products in addition to providing up to date data for operation in the sector.

Saidu added that the state of infrastructure in the downstream sector of the Nigerian oil and gas industry was largely a reflection of profitability, proficiency or otherwise of the market.

He said, “Oil and gas processing, storage and distribution facilities, jetties downstream and pipelines, retail outlets for oil and gas, LPG, among others, will be the focus of the survey which is equally aimed at assessing the impact of government policy and regulation on the sector’s operating environment and viability, with a view to addressing identified loopholes.

“The exercise, which was expected to commence in the second half of 2019, is a long-awaited exercise by operators and other stakeholders and the outcome is expected to contribute to policy formulation and impact investment decision-making by investors.

Saidu explained that the audit was in furtherance of the reform programme of Mr. President in the oil sector.

“All oil and gas depot owners, marketers, retail outlets and LPG plant owners are stakeholders in this exercise, the ultimate objective of which is to enhance the commercial viability of the sector and improve its level of attractiveness as investment capital destination of choice for would-be investors.

We, therefore, wish to solicit the cooperation and support of all stakeholders in ensuring its success,” he noted.