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

Home » FUEL SUBSIDY PROBE REPORT: Oil Marketers Fight Back, Fault House Committee’s Report

FUEL SUBSIDY PROBE REPORT: Oil Marketers Fight Back, Fault House Committee’s Report

by Joshua
April 20, 2012
in Uncategorized

Some of the petroleum products  marketers who were on named on Wednesday in the report of the Farouk Lawan- led Adhoc committee on fuel subsidy have condemning the report which unequivocally  recommended that all those indicted should pay back excess funds that were allegedly fraudulently collected by them between 2009 and 2011.
At least 69 companies were fingered in the report.

Some of the petroleum products  marketers who were on named on Wednesday in the report of the Farouk Lawan- led Adhoc committee on fuel subsidy have condemning the report which unequivocally  recommended that all those indicted should pay back excess funds that were allegedly fraudulently collected by them between 2009 and 2011.
At least 69 companies were fingered in the report.
And one of the marketers, Acorn Petroleum in a statement issued in Abuja condemned the report, saying, that it was worst report ever seen as they were not properly investigated by the committee.
According to company,   “Acorn unequivocally refutes the said allegation as published in newspapers and as stated in the said report.
“Acorn is amazed at the basis of the findings contained in the unofficial report. This is because Acorn was never invited to appear before the House Committee during the probe, which gave rise to the purported report, to defend its position or provide information to support its subsidy claims.
“It is established principle and common knowledge that Importation of Petroleum products into the country cannot be undertaken without an import permit from the Department of Petroleum Resources (DPR) and a quarterly allocation from the Petroleum Products Pricing Regulatory Agency (PPPRA).”
“The importation of PMS and any subsequent subsidy claims made thereon are guided by strict pricing templates initiated by the PPPRA to ensure the claims are transparent.”
“Flowing from this, any subsidy claims made by Acorn were made in the format approved by the PPPRA, according to the PPPRA's norms, rules and regulations verified by appropriate government agencies; hence the issue of unmerited subsidy claims, as alleged, does not arise. “
According to Acorn,  it imported 247,021,133 litres of PMS into the country between 2010 and 2011 and is entitled to a subsidy claim of N14, 714,930,563.71.It also claimed to have  received N13, 678,424,555.45 to date from PPPRA with an outstanding claim of N1, 036,506,008.26.
The statement added that  “Acorn with a petroleum storage facility of 30,000MT in Ibafon Lagos and retails outlets spread across the country has been doing business in Nigeria for over 30 years and joined the petroleum subsidy fund (PSF) scheme in 2008.”
Apart from Acorn, sources confirmed to our correspondent yesterday that more marketers who have been indicted are likely to come up with their defences by next week.
 Sources at the tank farms in Lagos hinted our correspondent that many of the tank farms in Apapa are jittery about the likely consequences of the probe report.


Related Posts

Despite ₦5.17trn Surplus, Dollar Dominates Nigeria-China Trade As Naira-Yuan Swap Struggles

Despite ₦5.17trn Surplus, Dollar Dominates Nigeria-China Trade As Naira-Yuan Swap Struggles

June 30, 2025
Meningitis: Death Toll In Kebbi Hits 56 – Govt 

Meningitis: Death Toll In Kebbi Hits 56 – Govt 

March 24, 2025
Navy Rescues 8 Police Officers,1 Civilian From Boat Accident In Bayelsa

Navy Rescues 8 Police Officers,1 Civilian From Boat Accident In Bayelsa

January 8, 2025
PHOTO NEWS: SIFAX Thanksgiving and Night of Praise 2.0

PHOTO NEWS: SIFAX Group Thanksgiving and Night of Praise 2.0

December 18, 2024

Discussion about this post

Latest News

NPA Bags NASS PAC Transparency Award

NPA Bags NASS PAC Transparency Award

July 12, 2025

Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

CRFFN Showcases Reform Milestones, Dismisses Court Ruling Misinterpretation

NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

Customs, NAFDAC Inaugurate Implementation Committee for 2024 MoU

Nigeria Customs Intercepts Container with Over 10,000 Donkey Genitals

Senate Hails Adeniyi’s Election as WCO Council Chair, Says It’s  a Major Win for Nigeria’s Global Trade Leadership

Oyetola Launches Door-to-Door’ Diplomacy for Nigeria’s IMO Council Bid

FG Urged To Link Warri-Itakpe Rail To Inland Ports, Road Networks

Red Sea Operation Rescues 4 More From Cargo Ship Sunk By Houthis

Shippers’ Council Set to Establish Border Information Centre at Idiroko, Bolster Trade Efficiency

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 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