The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Wednesday stated vehicles with a capability in extra of 60,000 litres is not going to be allowed to load in any depot for petroleum merchandise starting from March.
The Government Director of Distribution Methods, Storage and Retailing Infrastructure on the NMDPRA, Ogbugo Ukoha, disclosed this whereas chatting with journalists in Abuja on Wednesday.
Mr Ukoha defined that the choice was made to mitigate the excessive stage of vehicles and transit accidents within the nation.
“Starting 1st March, vehicles with a capability in extra of 60,000 litres is not going to be allowed to load in any loading depot for petroleum merchandise. By the fourth quarter of 2025, we will even preclude the loading or transportation of petroleum merchandise on any truck in extra of 45,000 litres.
“And this is only one out of 10 measures that stakeholders have agreed that must be addressed if we wish to mitigate the excessive stage of vehicles and transit accidents,” Mr Ukoha stated.
He stated this was the primary time consensus was constructed amongst all stakeholders.
“We’re persevering with to encourage that we’ll work collectively cohesively to ship a protected transportation of petroleum merchandise throughout the nation.”
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He stated the stakeholders that held the consensus resolution on the assembly had been the Nigerian Affiliation of Street Transport Homeowners (NARTO), Unbiased Petroleum Entrepreneurs Affiliation of Nigeria (IPMAN), SON, Main Oil Entrepreneurs Affiliation of Nigeria (IPMAN) amongst others.
He added that buyers, particularly truck house owners, want time to revamp the vehicles and redirect their funding.
Decline in petrol demand
In line with him, the nation skilled a big discount in petrol demand from 66 million litres per day to round 50 million litres per day.
This decline, he stated, follows the withdrawal of petrol subsidies by President Bola Tinubu in 2023.
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“All of us have skilled a Yuletide freed from any shortage. And let me simply reconfirm that from 12 months to 12 months, we noticed a rise within the demand for petrol by 2021, 2022, as much as 2023, simply earlier than the present administration got here in. The day by day petrol provide sufficiency was at all times greater than 60 million.
“In actual fact, averaging about 66 million a day for petrol. And following Mr President’s withdrawal of subsidy, the announcement of 29 Could 2023, we instantly noticed a steep decline in consumption. And between then and as we converse, we’ve continued to do plus or minus 50 million.
“That’s a substantial discount in volumes. Of those 50 million litres averaging for every day, lower than 50 per cent of that’s contributed by home refineries. And so the shortfall in accordance with the Petroleum Trade Act (PIA) is sourced by means of imports,” he stated.
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