Federal Government says that it would not issue petroleum product import licences to oil marketers who failed to clear their outstanding statutory financial obligations to the Petroleum Equalisation Fund, PEF.
It stated that some oil marketers owed the PEF the statutory fee meant for bridging the cost of petroleum products, adding that this was affecting the uniformity of prices of petroleum products across the country, particularly that of petrol.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, disclosed this in Abuja during an event organised by the Petroleum Products Pricing Regulatory Agency to clarify the recent review of the pricing template of Premium Motor Spirit, popularly known as petrol.
Kachikwu, explained that the supply chain for petroleum products worked in a cycle, adding that the failure of any marketer to pay the necessary bridging cost levy would adversely affect the chain.
On the pricing template for PMS, the Acting Executive Secretary, PPPRA, Victor Shidok, said the government had not in any way increased the pump price of petrol despite the recent additional N1 per litre rate to the bridging cost for transporters of petroleum products.
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