The Independent Petroleum Marketers Association of Nigeria (IPMAN), which recently warned of massive fuel scarcity if the Federal Government does not pay up the N74 billion it owes the association in bridging claims, has pledged its support to avert a crisis and make Petroleum Motor Spirit, available at the regulated price of N165 per litre.
This was disclosed by the South West IPMAN committee in a meeting with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Sunday.
The FG also urged that IPMAN to assists with rising cases of crude oil theft and vandalism in the southwest.
What they are saying
Authority Chief Engineer, Farouk Ahmed in the statement said that IPMAN is a critical stakeholder in Nigeria’s Energy sector and assured of the regulator’s support in the business of distributing petroleum products.
He also expressed concerns about the rise in petroleum products theft and pipeline vandalism in line 2B which services, Mosimi, Ibadan and Ilorin depots adding that it has led to “revenue losses for the government” urging IPMAN to assist in “checkmating the unscrupulous act as they have done in the past”.
He added the regulator has received reports of private petroleum depots selling PMS above the approved price, thereby disrupting the value chain, and leading to higher pricing in some areas.
IPMAN, Zonal Chairman for the South West, Dele Tajudeen Lamidi said “the purpose of the visit was to seek collaboration and support the authority, in line with the Petroleum industry Act”
He noted that IPMAN members in the region are facing issues ranging from “product sharing, rise in penalties, difficulties with tax clearance and high cost of doing business
“As far as we are concerned in the South West, we have gone beyond strike, strike is not the solution to any problem because if there is a strike
“We will together to ensure free flow of petroleum products and also make sure that products are sold at the government-approved price, of we get them at the normal price.”
What you should know
- Nairametrics reported last week that the Federal Government responded to claims by Independent Petroleum Marketers Association Nigeria (IPMAN), Suleja Branch, on product scarcity due to non-payment of bridging claims, stating that it has paid the sum of N74 billion as claims to oil marketers.
- IPMAN which controls about 70% of the filling stations across the country denied claims by the Federal Government that the oil marketers have been paid N74 billion as bridging claims for the transportation of petroleum products and threatened that Nigeria could witness the mother of all fuel queues from next week if the Federal Government does not pay the 12 months bridging claims being owed operators in the downstream oil sector.
