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Saturday, June 15, 2024

Marketers want charges, taxes on fuel suspended

Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), has appealed to President Bola Tinubu to, as matter of urgency, suspend all charges and taxes imposed by the regulator, Nigeria Midstream  Downstream Petroleum Regulatory Agency (NMDPRA) as stipulated in the Petroleum Industry Act (PIA) 2021 until market stability.

This was one of the demands presented to the President when the group visited him in Abuja recently over fuel subsidy removal, to pledge their support for the Federal Government on the removal of fuel subsidy.

According to the chairman, DAPPMAN, Mrs. Dame Winifred Akpani, the association also requested that the 2.5% security deposit requested by the Nigerian National Petroleum Corporation Limited (NNPC) for all purchases be scrapped as they never overload marketers.

“A revision of the clause in the PIA 2021 restricts importation to only companies with active local refining licenses and/or proven track records of international crude oil and petroleum products trading. That all dues and levies to government agencies particularly the NPA and NIMASA be reduced to the barest minimum and payable in naira. This will drastically reduce the pressure on our foreign exchange rate, reserve and keep in check the pump price of petrol,” she told the President in a letter made available to ENERGY TIMES.

Akpani said: “We are aware that among the populace, there is a perennial challenge of inadequate understanding and perceived opaqueness in the reallocation of savings from withdrawn benefits such as subsidy removal. To this end, we shall intensify public enlightenment and ensure that our costs are most efficiently managed to deliver value in competitive pump prices.


“In furtherance of this contribution, we volunteer to be part of the government’s team that will work on the interventions.

“On our part, we pledge to ensure a healthy and robust petroleum industry ensuring adequate supply of petroleum products at highly competitive prices. Nigerians will not have to suffer in petrol queues any longer. Our years of experience in the trade and distribution of petroleum products will ensure efficiency in product sourcing and delivery.”

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