IPMAN demands N42bn outstanding debt payment

The President Independent Petroleum Marketers Association of Nigeria (IPMAN), Sanusi Abdul-Fari, has called on the Management of Petroleum Equalization Fund (PEF) to pay its outstanding debts of N42 billion.

He, however, called for the scrapping of the management of Petroleum Equalization Fund for now, not being able to discharge its responsibility to the marketers effectively.

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In a statement made available to journalists in Benin, Abdul-Fari said the N42bn debt was inclusive of the deductions from marketers’ claims to avoid disruption in fuel distribution which could had led to major fuel crisis in the country.

Abdul-Fari also accused the management of Petroleum Equalization Fund of fuelling the crisis in the union by allegedly recognizing a faction of the association.

“As we continue to invest our resources in the market irrespective of price uncertainties, we call on government to prevail on PEF to pay the huge debt it owes the marketers to enable them remain in business. The huge debt of N42bn has serious negative impact on our business.

PEF is not performing to expectation; marketers are in support of the position as entrenched in the Petroleum Industry Bill. Post deregulation will make products abundant and marketers will get products from their TDZ easily, the relevance of PEF will therefore cease.