Finance

IPMAN warns that delayed payment of N500 billion bridging claims could lead to fuel crisis


Nigeria’s Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned that the refusal of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to pay its members their bridging claims of N500 billion could lead to a fuel crisis.

This was disclosed in a news conference in Kano on Monday, by IPMAN’s state chairman, Alhaji Bashir Danmalam who called the Federal Government to prevail on the agency to pay the debt.

He warned that if the FG does not intervene there would be a serious fuel crisis in the country as the situation has resulted in only 5 per cent of marketers still remaining in the business.

What IPMAN is saying

Danmalam urged that bridging claims, which is the cost of transporting petroleum products from refineries and depots to fuel stations is owed to the association to the tune of N500 billion by the NMDPRA.

He added that “The non-payment of the debt for over eight months has crippled the businesses of many members as they cannot transport available petroleum products.

The resurfacing of fuel queues in Abuja is just a tip of the iceberg.

“Only 5 per cent of marketers are still in business,” Danmalam added.

Danmalam noted that since the merging of the Department of Petroleum Resources, the Petroleum Equalisation Fund, and the Petroleum Products Pricing Regulatory Agency into the NMDPRA, the agency had paid marketers only twice.

“We are not agitating for transportation fee increase; we are only clamouring for payment of our bridging claims that is more than N500 billion,” he said.

In case you missed it

  • Nairametrics reported earlier that the Nigerian National Petroleum Company Ltd, NNPC,  revealed that the recent fuel queues in Abuja is likely caused by low loadouts at depots which usually happens during long public holidays.
  • They said “The NNPC Ltd notes the sudden appearance of fuel queues in parts of Abuja. This is very likely due to low loadouts at depots which usually happen during long public holidays, in this case, the Sallah celebrations.
  • “Another contributing factor to the sudden appearances of queues is the increased fuel purchases which is also usual with returning residents of the FCT from the public holiday.”



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