Petroleum Marketers May Shutdown Depots, Jetties This Week

Petroleum products marketers under the aegis of Jetties and Petroleum Tank Farms Owners of Nigeria (JEPTFON) has resolved to shut down operations with effect from today Monday 23rd of July 2012 over what the association called "Federal Government's unilateral action to withhold payment of subsidy."

Petroleum products marketers under the aegis of Jetties and Petroleum Tank Farms Owners of Nigeria (JEPTFON) has resolved to shut down operations with effect from today Monday 23rd of July 2012 over what the association called "Federal Government's unilateral action to withhold payment of subsidy."
The association also described as unacceptable and libelous, the "unwarranted and slanderous manner with which top government officials take delight in labeling our members as crooks," and demanded an apology and immediate retraction of those unguided statement.
In a communiqué issued at the end of an emergency meeting in Abuja last week to review the state of the downstream oil and gas industry, JEPTFON, said government's action was a clear breach of contractual obligations.
The jetties and tank farm owners also stated that the action of government was threatening the continued survival of their business and the larger economy.
"That despite our commitment to the Federal Government by issuing her with an indemnity against all subsidy payments, government threw caution to the wind by its refusal to pay the subsidy claims to our members pending the outcome of whatever administrative or quasi judicial inquiry into the whole subsidy brouhaha of 2011," it said.
The association also described as unacceptable and libelous, the "unwarranted and slanderous manner by which top government officials take delight in labeling our members as crooks. It noted that it was a well-established fact that its members control over 65 per cent of the investment in the downstream oil and gas business in Nigeria.
Executive Secretary of the association, Mr Enoch Kanawa lamented that the suspension of subsidy payment had totally crippled their business, while their relationship with their financiers was at the precipice.