IPMAN Allays Marketers’ Fears About PIA, Says Claims In PEF Intact

IPMAN Allays Marketers’ Fears About PIA, Says Claims In PEF Intact

10/23/2021 1:16:00 PM

IPMAN Allays Marketers’ Fears About PIA, Says Claims In PEF Intact

The national president of the Independent Petroleum Marketers Association (IPMAN), Engr. Sanusi Fari, has allayed fears of members over the scrapping of

It was widely reported on Wednesday that the federal government had officially scrapped the Department of Petroleum Resources (DPR), Petroleum Products Pricing Regulatory Agency (PPPRA) and the Petroleum Equalisation Fund (PEF).PEF is the special intervention fund put in place by the federal government with the mandate to ensure price uniformity of petroleum products across the country, through the reimbursement of marketers for losses they incur in trucking products from depots to their filling stations anywhere in Nigeria.

The action of the federal government is premised on the passage and implementation of the Petroleum Industry Act (PIA) passed into law by President Muhammadu Buhari after both chambers of the National Assembly had passed, clause by clause, the Petroleum Industry Bill.

Two new agencies, the Upstream Regulatory Commission and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NPRA) have since been saddled statutorily to perform the duties of the three defunct agencies.LEADERSHHIP Weekend findings revealed that the leadership of the defunct agencies are now technically handing over to their successors put in place by the minister of state for petroleum, Timipre Sylva, at the Wednesday inauguration. headtopics.com

ADVERTISEMENTTo this effect, IPMAN president, Fari, in a statement made available to newsmen in Abuja said there was no truth in the claim by certain downstream oil sector industry operators that with the scrapping of PEF, the outstanding bridging claims owed marketers would not be paid.

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