Following the deregulation of the downstream petroleum industry, the Federal Government has begun the process of closing down the Petroleum Equalization Fund, The PUNCH has learnt.
The National Controller of Operations, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, also told“We do not owe the Fund because before you lift products, you would have made deposits. But the Fund owes us N80bn which would be paid before the closure. The money piled up over some time but it has stopped piling up. The role played by the Fund has ended upon the full deregulation of the downstream sector as stated in the PIA,” Osatuyi said.
PEF was set up by Decree 9 of 1975 . Its main function was to ensure price uniformity of petroleum products via the reimbursement of marketers for losses they incurred in trucking products from depots to their filling stations anywhere in Nigeria. A source in the Depots and Petroleum Products Marketers Association of Nigeria also confirmed that its members were invited for the reconciliation meeting.
“We already know the closing of the Fund would happen, and they have told us that it has even closed. We are now at the stage where our members and other depot owners are being invited to reconcile the account. They informed us that the account would be closed in the next 20 days, starting from yesterday when the meeting was held,” the source toldAll rights reserved.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Subsidy Removal: Marketers Demand Release Of N30.96trn Worth Of Fuel From NNPCLAs the Nigerian National Petroleum Company Limited (NNPCL) hands-off the monopoly of petrol importation, petroleum marketers have demanded immediate release
Read more »
Seyi Gambo: How Kaduna government annexed FGC land in Malali | TheCableSeyi Gambo is the president of the old students association of Federal Government College Malali, Kaduna state. In this interview, he speaks on the battle to reclaim the school land
Read more »
2023: How some people wanted interim government in Nigeria - Wole Soyinka‘‘So some of those who thought they were being radical, they were being ‘mumu’, and playing the script of others. They thought they were tough, bold and original’’.
Read more »
'Over 800 plots annexed' -- FGC Kaduna students rally against landgrab by state government | TheCableThe Unity Schools Old Students Association (USOSA), an umbrella body for old students of federal government colleges across the country, on Saturday staged a peaceful protest against the encroachment on
Read more »
'Invite Nnamdi Kanu, Dokubo enemy of government' - Ohanaeze tells TinubuApex Igbo socio-cultural organisation, Ohanaeze Ndigbo Youth Council Worldwide, has expressed outrage over the attack on Mazi Nnamdi Kanu, leader of the
Read more »