The Independent Petroleum Marketers Association of Nigeria IPMAN, says none of its members is involved in the diversion of petroleum products.
The president of IPMAN, Mr Chinedu Okoronkwo, made the remark when the association appeared before the House of Representatives special AD HOC Committee Investigating Petroleum Products Subsidy Regime in Nigeria from 2017 to 2021.
Mr Okoronkwo stated that such marketers found guilty of the act should be treated as criminals.
He accused some petrol depots of selling fuel at the rate of 158 naira per liter instead of the government approved price of 148.
According to the IPMAN president, the cost of doing business has become very huge.
” Some of our members are no more in business. The cost of doing business is very very huge now” Okoronkwo said.
The Speaker of the House, Hon Femi Gbajabiamila, said that about six trillion naira is said to have been expended by the government on oil subsidies in the period under review.
This according to him necessitated the setting up of the committee to get to the root of the matter.
“So far, in 2021, four point nine trillion is assumed to have been expended under this regime for the purpose of petroleum subsidy. And if you get the quantum of the estimation as of today, over six trillion naira has been expended. The money expended is quiet very much It is our duty to make sure that these monies are accounted for,” the Speaker said.
The Chairman of the House of Representatives special AD-HOC Committee Investigating Petroleum Products Subsidy Regime in Nigeria from 2017 to 2021 Hon Ibrahim Aliyu, said that their mandate is to get the actual record of all companies and individuals involved and determine the total litres of crude oil exported and petroleum products imported.
“The House in its wisdom mandated this committee to investigate the subsidy regime that characterizes the petroleum sector, with a view to arriving at a practicable and achievable solution”. Hon Aliyu said.
He also said that it was important for all the agencies involved to be transparent and make the job of the committee easier.
Stakeholders present included oil marketers and representatives of the ministry of petroleum resources amongst others.
Hauwa Abu
