Scrapping of PEF will not affect oil marketers – IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said the scrapping of the Petroleum Equalisation Fund (PEF) by the federal government will not affect oil marketers in the country.

The federal government, on Wednesday, officially scrapped the Department of Petroleum Resources (DPR), Petroleum Products Pricing Regulatory Agency (PPPRA) and the PEF.

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The National President of IPMAN, Sanusi Fari, said there was no iota of truth in the claim by certain downstream oil sector industry operators that with the scrapping of PEF, the outstanding bridging cost owed marketers would not be paid.

Fari, in a statement he personally signed and made available to newsmen yesterday in Abuja, said IPMAN would ensure all members’ bridging claims are adequately paid by government.

The IPMAN president who urged his members not to panic maintained that the association would tap its relationship with the leadership of National Association of Road Transport Owners (NARTO) and the National Union of Petroleum and Natural Gas (NUPENG) to ensure that payment of marketers bridging claims owed by PEF was not lost.