shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » Deregulation: Uncertainty over Alleged N70b Debt

Deregulation: Uncertainty over Alleged N70b Debt

by Joshua
October 18, 2009
in Uncategorized

Even as government sticks to its guns over the November deadline for full deregulation of the downstream sector of the oil sector, there are fears that the controversial N70billion debts allegedly owed by government as cost of bridging.

Sources confirmed to our correspondent last week that issues surrounding unsettled bridging cost remained unresolved and that government through the Petroleum and Product Pricing Regulatory Agency (PPPRA) has reneged on that vital part of the agreement which says that importers of petroleum products will be compensated for the extra cost that they may incur in the process of importing petroleum products at international market price while selling at government regulated price.

Already, four notable products importation groups are spoiling for a show down with government, insisting that the alleged N70billion debt must be paid before full deregulation can commence. They group include: Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN),    Independent Petroleum Marketers Association of Nigeria (IPMAN), Major Oil Marketers Association (MOMAN) and the Independent Petroleum Products Importers (IPPI).

Some of the depot managers in Apapa, Lagos who spoke to Shipping Position Weekly on the matter explained that PPPRA has consistently defaulted in the settlement of the bridging coast which according to them makes it possible for petroleum products to be sold at the same price in all parts of the country. 

They confirmed that government agencies with specific responsibilities to ensure prompt payment and fair dealings have been unfair to importers, arguing that these agencies are doing more harm to the economy than they know. 

Shipping Position Weekly had reported recently that importers of petroleum products were threatening to stop importation unless the indebtedness on account of bridging is addressed.

They had accused government agencies of delay in payment of these subsidies for as long six months in some cases, adding that waiting for payments often takes it toll on their businesses. 

Government usually relies on two of its instruments namely: the Petroleum Equalisation Fund (PEF) and the Petroleum Subsidy Fund (PSF) to offset its indebtedness in the areas of bridging and other subsidy- related commitments.
  


Related Posts

Auto Draft

Railways Transport 693,224 Passengers On Lagos/Ibadan Standard Gauge

February 2, 2023
SHIPTALK: Basics About A Ship

SHIPTALK: Basics About A Ship

January 27, 2023
NAGAFF Congratulates Newly Promoted Comptrollers, Charges Them On Professionalism

NAGAFF Congratulates Newly Promoted Comptrollers, Charges Them On Professionalism

January 27, 2023
ONE To Acquire Three U.S. West Coast Container Terminals

ONE To Acquire Three U.S. West Coast Container Terminals

December 29, 2022

Discussion about this post

Latest News

NIMASA Deep Blue Team Rescues 7 Distressed Seafarers On Board Vessel In Lagos

NIMASA Deep Blue Team Rescues 7 Distressed Seafarers On Board Vessel In Lagos

February 4, 2023

2023 Multinational Maritime Exercise Successful, Says CNS

NIMASA DG Seeks Private Sector Participation In Blue Economy

Apongbon Bridge To Reopen May—FG Assures

Customs Seize $6m Fake US Dollars, Arrest 4 Along Seme Border

Customs Officials Targets Of Terrorists And Armed Groups—WCO Sec Gen

Nigerdock Goes Solar, Shifts to Renewable Energy

Sambo Declares Funtua Inland Dry Port As Port Of Origin, Final Destination 

FG Plans Vehicles’ Transit Park, Dry Inland Port For Zamfara — Matawalle

USCG Cutter Makes First Drug Seizure of 2023 in Gulf of Oman

VESSELS EXPECTED AT LAGOS PORTS AS AT 3RD FEBRUARY, 2023

VESSELS EXPECTED AT LAGOS PORTS AS AT 2ND FEBRUARY, 2023

kindly like our Facebook page

Health

Unhealthy Environment Causes 12.6m Deaths Worldwide, WHO Says
Health

Unhealthy Environment Causes 12.6m Deaths Worldwide, WHO Says

December 19, 2022

The World Health Organisation has said that the number of people estimated to have died as a result of living...

Health Benefits And Side Effects Of Bitter Leaf

Health Benefits And Side Effects Of Bitter Leaf

December 12, 2022
More Women May Die During Childbirth In West Africa — Report

More Women May Die During Childbirth In West Africa — Report

December 12, 2022
The Many Wonderful Uses Of Onions

The Many Wonderful Uses Of Onions

December 5, 2022
Nigeria Yet To Achieve 70% COVID-19 Immunisation Coverage, Says NPHCDA

Nigeria Yet To Achieve 70% COVID-19 Immunisation Coverage, Says NPHCDA

December 5, 2022
COVID-19 Cases Increasing, Continue With Preventive Measures — UITH-ARD Warns

COVID-19 Cases Increasing, Continue With Preventive Measures — UITH-ARD Warns

December 5, 2022
Panic As Monkeypox Spreads To 32 States, Cases Now 604

Panic As Monkeypox Spreads To 32 States, Cases Now 604

November 28, 2022
Over 1bn Youths Risk Hearing Loss From Headphones, Loud Music — Study

Over 1bn Youths Risk Hearing Loss From Headphones, Loud Music — Study

November 28, 2022
Consuming Undercooked Meat May Lead To Tuberculosis — Epidemiologist

Consuming Undercooked Meat May Lead To Tuberculosis — Epidemiologist

November 28, 2022
Infertility Red Flags Men, Women Should Not Ignore – Experts

Infertility Red Flags Men, Women Should Not Ignore – Experts

November 28, 2022

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition