Financial Energy Review
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned against proposed plans to scrap the Petroleum Equalisation Fund (PEF).
IPMAN’s national secretary Danladi Pasali said scrapping the fund would put the petroleum sector in crisis and harm the nation and its stability
The association said Nigerians in many parts of the country would be forced to buy petroleum products for as much as N400 per litre if the PEF is scrapped, Daily Trust reports.
The fund administers uniform pricing for petroleum products countrywide by reimbursing marketers transportation differentials for products moved from depots to their sales outlet.
The fund which is administered .by Ministry of Petroleum Resources is meant to ease up additional money of the product especially for those who have to transport the product over long distances.
Pasali in a statement accused some unnamed “political elites” of trying to mislead the federal government to scrap fund.
He said the move may destabilise and sabotage the successes being recorded in the petroleum sector.
IPMAN, therefore, advised the government not heed to the call, reiterating that the move is against the progress, wellbeing and economic advancement of the country
