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IPMAN rejects scrapping of Petroleum Equalization Fund

The Unbiased Petroleum Entrepreneurs Affiliation of Nigeria (IPMAN) has rejected the proposed scrapping of the Petroleum Equalization Fund (PEF) asserting that it fosters nationwide unity.

IPMAN’s President, Mr Chinedu Okoronkwo, informed the Information Company of Nigeria (NAN) on Tuesday in Lagos that PEF was very related because the nation strikes in direction of ull deregulation of the petroleum downstream sector.

Okoronkwo faulted the suggestions from some stakeholders that the PEF needs to be scrapped.

He famous that this was uncalled-for because the funds employed in making the PEF work successfully had been sourced from the income pool generated by the Product Advertising Corporations.

Okoronkwo stated: “PEF are fund managers and so they handle our cash. Authorities is just not giving them cash in any means and what they’re working with is entrepreneurs’ cash.
“With a purpose to unite the nation, there should be semblance of uniformity in costs of petroleum merchandise throughout.

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“As an illustration, the worth you purchase a selected delicate drink is identical all around the nation and that’s inside equalization by the businesses.

”So, we imagine PEF may be very related and they need to proceed to do that for us. We’re not saying that there shouldn’t be a distinction in costs, but it surely needs to be minimal. “

He additionally urged the federal government to create a stage taking part in area within the downstream sector by offering overseas trade for entrepreneurs to import gasoline on the similar charge given to the Nigerian Nationwide Petroleum Company.

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Okoronkwo added: “We’re saying that entrepreneurs needs to be allowed to exit and herald petrol as a substitute of solely NNPC importing the product.

“This may encourage competitors and drive the worth down. There are numerous areas that price can go down once we are allowed to import.

“Some entrepreneurs have already got their very own vessels which can scale back the freight price. What we would like is for presidency to permit the total deregulation of the sector and permit market forces to find out the worth.”

IPMAN rejects scrapping of Petroleum Equalization Fund

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