Marketers shun fuel import

•Strategic reserve running out
•Senate summons Okonjo-Iweala, Diezani, othersFrom ADETUTU FOLASADE-KOYI, Abuja
Thursday February 23, 2012

Senate President, David Mark Photo: Sun News Publishing  More Stories on This Section

Apparently confused over government’s direction on its deregulation of the downstream sector, marketers participating in the Petroleum Support Fund (PSF) have flatly refused to import fuel into the country.

This has resulted into the fuel scarcity being experienced in some parts of the country, notably in the Federal Capital Territory (FCT), Ekiti, Nasarawa, Kogi and Lagos.

Already, some marketers had resorted to selling fuel at more than the regulated pump price of N97 across the country.

To address the problem, Senate had summoned Coordinating Minister for the Economy and Finance Minister, Mrs. Ngozi Okonjo-Iweala, Petroleum Resources Minister, Mrs. Diezani Alison-Madueke and the Group Managing Director, Nigeria National Petroleum Corporation (NNPC), Mr. Austin Oniwon.

They are to appear before the Senate Committee on Petroleum Resources (Downstream) to explain the current spate of fuel scarcity in the country. Senator Magnus Abe chairs the committee. The Federal Capital Territory (FCT) had experienced fuel scarcity since last week which was yet to abate as at Wednesday afternoon.

Other invitees are: Managing Director of the Pipeline and Products Marketing Company (PPMC), Haruna Momoh; Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Mr. Reginald Stanley, Director of the Department of Petroleum Resources, Mr. Dapo Olorunshola.

The committee also summoned the president of Independent Petroleum Marketers Association of Nigeria (IPMAN) and the executive secretary of Major Oil Marketers Association of Nigeria (MOMAN),

A source on the Downstream Committee told Daily Sun that, at a meeting, the committee had with the PPPRA sometime ago, discovered that oil marketers had refused to import fuel and the 60-day stock they claimed they had had finished. ‘We hope this meeting will resolve the issue soon,” the source said.

“The committee is not even convinced by the explanations of the PPMC. That is why this consultative meeting has become imperative; so that all the stakeholders can come together and table their differences and hopefully, resolve the matter.”

All the invitees are scheduled to appear in the Senate by Thursday noon.

President Goodluck Jonathan had formally informed the National Assembly of intent to provide N888 billion as subsidy fund for the 2012 fiscal year.

SOURCE: The Sun, 23 February 2012. http://sunnewsonline.com/