risen to N470 billion, arising from a backlog of unpaid subsidy claims
since August 1, 2014 till date.
This is even as the marketers say they require in excess of $2 billion
dollars to pay off their foreign suppliers, otherwise they will not be
able to continue to import more petroleum products into the country.
Marketers, who spoke to Vanguard in confidence yesterday, lamented
that government has not been able to fulfil its promise to offset all
outstanding marketers' claims between October and second week in
November. This is just as the promise by the Central Bank of Nigeria,
CBN, to assist marketers in accessing dollars to pay off their foreign
suppliers has also not yielded fruit.
One of the marketers said: "We had another meeting with the Vice
President (Yemi Osinbajo) two weeks ago and he promised that they
would pay us. Right now I can tell you that no marketer has any money
or line of credit to import even one litre of fuel.
"The last time any marketer was paid claims was July 31, 2014. Since
August 1, 2014, no marketer has received anything. The total
outstanding claims between August 1 and now are about N470 billion."
Besides, he added, "Even if they paid all the N470 billion, it will
still not be enough to pay off our foreign suppliers because the
dollar value of what we require to offset matured debts is over $2
billion. The CBN Governor promised to help us, but nothing has
happened."
90 workers sacked
Another marketer also disclosed on telephone that the situation is so
critical that in the last one week, two oil marketing companies have
sacked 90 workers, adding that others are laying off secretly on daily
basis, thereby compounding an already saturated labour market.
"If marketers continue to lay off workers, soon the unions will soon
swoop down on us and begin another crisis."
Sealing outlets selling above N87/litres.
Meanwhile, the Nigerian National Petroleum Corporation, NNPC,
yesterday called on the Department of Petroleum Resources, DPR, to
swing into action and shut down any retail outlet selling Premium
Motor Spirit, PMS, otherwise known as petrol, above the official price
of N87 per litre.
The call comes as long queues resurfaced in the Lagos metropolis on
Monday, and other areas in the country, with many outlets taking
advantage of the scarcity to sell petrol above the government approved
pump price.
NNPC's spokesman, Mr. Ohi Alegbe, in a telephone conversion with
Vanguard, said: "There is supply of petroleum products from the NNPC
and as such there should not be scarcity.
However, DPR should shut down any outlet found selling this product
above the regulated price of N87 per litre."
NNPC said last week, it had deployed 306 truckloads or about 10
million litres of petrol to some northern states.
The long queues of motorists waiting to buy the scarce product have
led to traffic gridlocks along some of the major roads in Lagos, even
as motorists lament the arbitrary hike in fuel prices.
Vanguard investigation showed that petrol stations along the Badagry
area, Agbara and its environs sold fuel at between N100 and N120
instead of N87 per litre.
The Director, DPR, Mr. Mordecai Ladan, in a statement, against the
backdrop of the purported resurgence of fuel scarcity in some parts of
the country, warned oil marketers against products' diversion,
hoarding, pump manipulation and selling products above government
approved prices.
According to Ladan, any marketer found to be under-dispensing or
selling products above the government regulated prices shall be
suspended for a minimum of two months.
He said: "Marketers caught diverting or hoarding the products for
profiteering shall be sanctioned with a fine of two million naira and
have their operating licence revoked and prosecuted for national
economic sabotage."
Ladan also said the DPR is collaborating with the Petroleum
Equilisation Fund (PEF) and the Petroleum Products Pricing Regulatory
Agency, PPPRA, to ensure that defaulters are sanctioned accordingly.
-Vanguard
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