Owners of fuel depots under the aegis of Depot and Petroleum Products Marketers Association (DAPPMA) has blamed the current fuel scarcity situation in the country on banks and the regulations issued by the Central of Bank of Nigeria (CBN), which imposed credit ceilings on fuel importers.
The depot owners also urged President Mohammadu Buhari to remove fuel subsidy as it only benefits the foreign refineries where the petroleum products consumed locally in Nigeria are being sourced.
The Executive Secretary of DAPPMA, Mr. Olufemi Adewole in a statement noted that this is the first time since the introduction of the subsidy scheme that marketers will not have a ready access to fuel import loans.
He noted that one week after the Senate Committee meeting, the depot owners and other fuel importers are still being owed billions of naira in unpaid subsidy reimbursement, interest on delayed payment and foreign exchange differentials.
The statement read “This much was expressed to DAPPMA and the Major Oil Marketers Association of Nigeria (MOMAN) by the former Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala in her letter to both associations, a copy of which she also released to the senate committees for reference.
“However, the letter did not state the timeline for the re-verification exercise, which the minister instituted on the amount she disputed and also did not state the expected date of payment which ‘PSF’ participants had been clamouring for in all the meetings held with the former minister since February 2015.
“Due to debts owed transporters by marketers, who have been experiencing serious financial stress due to outstanding debts owed them by the federal government as a result of petrol imports under the petroleum subsidy scheme, the PTD-NUPENG and NARTO had at various times protested non-payment of their freight charges by withdrawing their services hence it is unfortunate for anyone to insinuate that marketers are blackmailers holding the nation to ransom via a strike about which they know nothing.
He added that “Funds released after the removal of subsidy can be utilised for infrastructural development and job creation as addition to jobs already created by DAPPMA members
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