Further fuel scarcity looms over non payment of subsidies

The Major Oil Marketers Association of Nigeria have warned of a looming scarcity of fuel following the inability of the Federal Government to pay the subsidy arrears for the importation of Premium Motor Spirit.

The marketers warned that if the situation was not resolved on time, it could lead to another round of fuel scarcity in the country.
MOMAN said in a statement on Thursday that the aim of the Petroleum Subsidy Fund was to ensure the reimbursement of the marketers of agreed and verifiable costs of delivery of PMS to the consumers in excess of the market price of the product.
In a letter addressed to the Minister of Finance, Dr. Ngozi Okonjo-Iweala, the association, through its Executive Secretary, Mr. Thomas Olawore, stated that despite previous assurances from the government to reimburse the marketers for under recovery as verified by the Petroleum Products Pricing Regulatory Agency (PPPRA), it had so far failed to honour the agreement.

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