Scrapping PEF could push fuel products to N400 a litre, warns IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) The Independent Petroleum Marketers Association of Nigeria has warned against proposed plans to scrap the Petroleum Equalisation Fund (PEF), saying Nigerians in many parts of the country would be forced to buy petroleum products for as much as N400 a litre. 

The fund administers uniform pricing for petroleum products countrywide by reimbursing marketers transportation differentials for products moved from depots to their sales outlet. It is meant to ease up additional money of the product especially for those who have to transport the product over long distances.

In a statement, IPMAN national secretary Danladi Pasali said scrapping the fund would put the petroleum sector in crisis and harm the nation and its stability. 

“It is with great concern that we deemed it absolutely necessary to stress that the ills well agitation and pressure by some unscrupulous political elites, trying to mislead the Federal Government to scrap the Petroleum Equalisation Fund (PEF), under the Ministry of Petroleum, is, to say the least, an attempt at destabilizing and sabotaging, Government ongoing feat of successes of reforms in the petroleum sector,” he said. 

IPMAN, therefore, advised FG not heed to the call, saying the move against the progress, wellbeing and economic advancement of the country.