Fuel Subsidy: Oil marketers set to flood market with petrol

Dr Ibe Kachikwu, Minister of State for Petroleum Resources and GMD of NNP

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says it is ready to flood the market with fuel as it has gotten credit line from outside investors to access foreign exchange to import petroleum products into the country.

Alhaji Danladi Pasali, IPMAN National Secretary, disclosed this in an interview on Tuesday in Abuja.

He said that IPMAN was willing to continue to work with government to ensure availability of products in the country.

“We have foreign investors that we work with; they gave us a credit line that enables us to get our products and import to the country.

“Right now, we have many cargoes that will enter the country under IPMAN, so we have a good arrangement with our partners,’’ he said.

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OIL: Removal of fuel subsidy in peoples’ interest- LCCI DG

Mr Muda Yusuf, the Director-General of Lagos Chamber of Commerce and Industry ( LCCI), on Thursday said that deregulation of the petroleum sector was in the peoples’ interest.

Yusuf told the News Agency of Nigeria (NAN) in Lagos that the subsidy regime was no longer sustainable because it exerted pressure on government’s finances and foreign reserves.

According to him, for several decades, the subsidy regime had serious transparency issues which inadvertently caused the economy to suffer.

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