Deregulation: FG should fix refineries before subsidy removal ― IPMAN

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A major player in the downstream sector of the oil and gas industry, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has appealed to the federal government to give priority to the revitalization of the four refineries in the country ahead of the removal of the subsidy on petroleum products.

President of IPMAN, Alhaji Debo Ahmed, gave the advice on Wednesday in a statement he issued to commend the suspension of the removal of oil subsidy.

Minister of Finance, Budget and National Planning, Zainab Ahmed and her counterpart in the Ministry of Petroleum Resources, Timipre Sylva had on Monday at a meeting with President of the Senate, Ahmad Lawan held at the National Assembly disclosed that Nigerians would continue to enjoy subsidies till the end of June as they noted that there was provision for subsidy payment in the 2022 Budget till the end of June.

The Minister of Finance further disclosed that the payment would cease, effective from July.

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The IPMAN President in his statement aside from calling for the repair of the four refineries also appealed to the federal government to ensure the availability of petroleum products to the Nigerian National Petroleum Company Limited depots across the country as he noted that selective supply to private depots is “making it impossible for the product to be sold at the government upper price band.”

Ahmed restated his association demand for payment of outstanding Bridging Claims owed marketers by the defunct Petroleum Equalisation Fund now operating under the name, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

His statement read in part: “The leadership of Independent Petroleum Marketers Association of Nigeria (IPMAN) commends the Federal Government for the suspension of the removal of fuel subsidy.

“We reiterate our position that the four nations’ refinery be repaired and allowed to function optimally before the removal of fuel subsidy.

“We also use this opportunity to call on the federal government to resume the supply of petroleum products to NNPC depots nationwide as against the selective supply to private depots making it impossible for the product to be sold at the government upper price band.

“Our huge funds are tied up with PPMC Ltd, a subsidiary of NNPC, where members pay for NNPC products supplied to their depots.

“We are equally pleading that marketers transportation claims be paid to allow members remain afloat in business.”