The Independent Petroleum Marketers Association of Nigeria (IPMAN) has backed the federal government on the full deregulation policy of the oil and gas sector, but said the Petroleum Equalisation Fund (PEF) should not be scrapped.
The National President of IPMAN, Chinedu Okoronkwo, at a briefing in Abuja, dissociated IPMAN from a recent protest in Port Harcourt, Rivers State demanding the removal of the Group Managing Director of NNPC, Mr Mele Kyari.
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He also urged the government to consult IPMAN and other relevant stakeholders before taking decision on the PEF, urging President Muhammadu Buhari to jettison the move to scrap or merge PEF, as that would negatively affect the economy.
IPMAN also commended Buhari on the N250 billion palliative released to support the downstream petroleum sector, saying the association has taken measures to access the fund.
Chairman of IPMAN Board of Trustees, Aminu AbdulKadir, also urged the Minister of State, Petroleum, Timipre Sylva, to work with the association for the success of the oil and gas policy.
He urged the government to be sensitive to the yearnings of investors and consumers, and called on the government to give more palliatives to oil and gas players to cushion the effects of the coronavirus.