FG Says No Import Licences For Debtor Oil Marketers

 FG Says No Import Licences For Debtor Oil Marketers

The Federal Government on Monday stated 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, The Punch reports.

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, who was represented by his Senior Technical Assistant, Mrs. Brenda Ataja, 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.

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