The Independent Petroleum Marketers Association of Nigeria, IPMAN, has rejected the Federal Government plans to scrap the Petroleum Equalisation Fund, PEF.
The IPMAN national Secretary, Danladi Pasali, who made the disclosure in a statement on Sunday in Jos, said the development would plunge the oil and gas sector into crisis.
The group also disclosed that information reaching them revealed that the Ministry of Petroleum Resources is under intense pressure to succumb to the unhealthy agitation to scrap the PEF, which, according to them, is not in any way a good omen for the sector.
“Such agitation is nothing more than a looming crisis in the sector which will in the short and long run harm the nation and its stability,” Mr Pasali added.
IPMAN national secretary said the agitators should clearly understand that marketers/consumers are sole contributors to the equalisation fund, against their wishful thinking that the government is spending money on marketers.
“As contributors to the Fund, we have not in any way ever complained or contemplated advising the government to scrap the PEF.
“We want to put it on record that should it be scrapped, it will surely cause disparity in prices, wreak havoc on marketers, and inevitably push many of our members out of business.
“Besides pushing us out of business, Nigerians, in most parts of the country, stand the risk of buying petroleum products at hiked prices.
“We see the danger of people buying at not less than N400 per liter or even above. In general terms, the country’s economy will face a major setback,” Mr Pasali threatened said.
The group alleged that the agitation has plain political undertone towards 2023, saying that some politicians are planning to also come over to loot the funds.
“It is our strong belief that the Federal Government through the supervising Ministry of Petroleum Resources, will not heed to the agitation, talk less of scraping off the PEF.
“We further vehemently advise that government should outright discard such agitation that is anti-progress, anti-well-being and economic advancement of our country.
“We caution that we will not accept any plan to scrap the PEF,” the group stated.
