IPMAN to present over N50b claim to Downstream Authority


• NARTO to meet CEO Downstream over freight review

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said it would present its outstanding claims of over N50 million to the Midstream and Downstream Regulatory Authority’s management.

Speaking on phone, its National Vice President, Alhaji Abubakar Maigandi, said IPMAN had assigned a consultant to calculate the actual amount that Petroleum Equalisation Fund (PEF) was owing its members.

His words: “It is a minimum of N50 million. That is my rough calculation. We have hired a consultant to ascertain the actual amount. That is the reason that the marketers are not performing because of the delay because the credit is becoming too much on the side of the government.” The Nigerian Association of Road Transport Organisation (NARTO) is to meet the Midstream and Downstream Regulatory Authority, Chief Executive Officer (CEO) Farouk Ahmed for the review of freight rate.NARTO National President, Alhaji Yusuf Lawal Othman, said in a telephone interview yesterday.

The review was one of the pending issues that the association had with the defunct PEF.NARTO had sought an upward review of the rate in the pricing template to N9:11 per litre of Premium Motor Spirit (PMS) petrol. The association had in its Annual General Meeting on February 5, this year, asked the PEF to increase the rate by 21.30 per cent from N7.51 per cent to N9.11 per litre.

It was along the line that the then PEF Executive Secretary, Alhaji Bobboi Ahmed, informed reporters in Abuja in May that the fund was mulling how to increase the freight rate without increasing the landing cost.The association had last Wednesday expressed worry over who to pay their outstanding liabilities, adding that the members were in the dark.Othman had sought to know the fate of NARTO owing to the reform that came with the Petroleum Industry Act (PIA) and the hand over to a new organization.

It was the same day that the Minister of State for Petroleum Resources, Chief Timipre Sylva assured them that the new Authority would take over the debts.Meanwhile, the National President yesterday said that NARTO was already at home with the minister’s promise of the Midstream and Downstream Regulatory Authority would defray the outstanding debt owed the members by the defunct PEF and PPPRA.Othman, however, yesterday said that other issues that NARTO was planning to present to the new Authority boss were the increased cost of spare parts and tyres.Asked how much members of the association were being owed, he said it was impossible to ascertain it.

The transaction is a continuous daily business that the members could hardly state with the press of the button.His words: “How can we know what they (PEF and PPPRA) are owing us?“The CEO of the Downstream has spoken. We have been assured that there is no problem. So, it is going to be business as usual.“It is just that when he settles down we will meet to discuss other items that have pending with other agencies prior to now ; like the review of the freight rate, the outstanding payment, high cost of spare parts and high cost of tyres.”


New mag

Newswire Law and Events Magazine is Out. It's a collector's item. Get one - or two,or more - for yourself and loved ones.

Do you want to be heard, your events covered, your articles published, or need to advertise your products and services on our Blog and Magazine, reach out to us at Newswire Law and Events, you will be glad you did. For more details about our services, please call: 08039218044, 09070309355. Email: newswiremagazine@yahoo.co.uk


Please enter your comment!
Please enter your name here