The Depots and Petroleum Products Marketers Association of Nigeria has asked President Tinubu to eliminate, reduce, or suspend certain charges and levies until market stability is achieved.
Nairametrics reported that this was stated by the Association during a meeting with the president on June 7.
The president was given some expectations by the association’s chairman, Dame Winifred Akpani, who also serves as the CEO of the Northwest Petroleum and Gas Company Limited.
These demands included:
“Reduce all fees and levies owed to government organizations, in particular NPA PLC and NIMASA, to a minimum and require payment in Nigerian Naira. This will significantly lessen pressure on the nation’s reserves and foreign exchange rate, keeping the price of petrol in check.
“Until the country establishes market stability, all fees and taxes levied by the regulator, NMDPRA, must be suspended.
“Elimination of NNPC Limited’s 2.5% security deposit required for all purchases since it disadvantages merchants.
“Revision of the Petroleum Industry Act 2021 provision that limits importation to businesses with active local refining licenses and/or a track record of trading in crude oil and petroleum products on an international scale.”
The organization, according to DAPPMAN, fully supports the initiative to deregulate petroleum. However, they acknowledged being aware of the difficulties that lie ahead and promised to back the administration wholeheartedly as it brought relief to Nigerians.
Dame Akpani stated: “We promise to maintain a strong and vibrant petroleum industry that ensures a sufficient supply of petroleum products at incredibly low costs.
“Nigerians won’t have to wait in lines for gasoline anymore. We will guarantee effectiveness in sourcing and delivery thanks to our years of experience in the trading and distribution of petroleum products. Naturally, the forces of supply and demand will encourage competition, increase efficiency, and prevent price gouging.”
“We support the President’s remarks on a single foreign exchange rate for harmonization. This is important because it would stop arbitrage and create a level playing field for our business as well as the Nigerian economy as a whole.”
