Saturday, 20 March 2021

IPMAN Kicks Over N42 Billion Debt, Threatens To Disrupt Fuel Supply


Members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), yesterday, said that fuel supply might be disrupted throughout the country except for the Federal Government immediately pays them their outstanding debts.
According to the association, the debts include N42 billion deductions from their claims.

In a statement in Benin City by its National President, Mr. Sanusi Abdul-Fari, at the end of a meeting, IPMAN called on the Ministry of Petroleum Resources to prevail on the management of the Petroleum Equalisation Fund (PEF) to pay them their claims to avoid disruption in fuel distribution.

Abdul-Fari said: “As our country continues to suffer disruption in the supply of Premium Motor spirit commonly known as petrol, occasioned by price instability, our members have shown resilience and commitment in remaining in business.

“As we continue to invest our resources in the market irrespective of price uncertainties, we call on the Federal Government to prevail on PEF to pay the huge debt it owes the marketers to enable us to remain in business.

“As I speak with you, PEF is owing some of our members up to two years. PEF should pay marketers their outstanding debts inclusive of N42 billion deductions from marketers’ claims to avoid disruption in fuel distribution, which could lead to a major fuel crisis.

“PEF is owing marketers billions of naira. I know some independent marketers who are being owed over N300 million. As I am talking to you, some are owed over N200 million.”

He added that marketers were in support of post-deregulation, as provided in the Petroleum Industry Bill (PIB), saying it would not only make products more abundant but also marketers would get products easily.

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