Don't Miss


Home   >   Business   >   Industries   >   Economy   >   Fuel Marketers Threaten to Cripple Economy over Unpaid Subsidy Claims

Fuel Marketers Threaten to Cripple Economy over Unpaid Subsidy Claims

By on July 24, 2012

The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMA) has threatened to cripple the national economy by causing a scarcity of petroleum products if the Federal Government does not pay them their outstanding subsidy claims within 48 hours.

This is as the Jetties and Petroleum Tank Farms Owners of Nigeria (JEPTFON) shut down their establishments yesterday in protest of the same payments.

DAPPMA  has asked the government to pay all verified and outstanding subsidy claims, accrued interests and the foreign exchange differentials arising from late payments, failing which its members will suspend the supply of petroleum products nationwide.

The association is protesting the losses they are making as the bank loans tey use to finance importation have continued to accrue interest over and above the 45 days allowed for reimbursement.

DAPPMA members are also aggrieved over the “harsh effects of the devaluation of the naira that will make it impossible to fully repay the outstanding dollar denominated loans when eventually payments are made by the Federal Government.”

“DAPPMA therefore implores government to meet the above demands within 48 hours, failing which we will be constrained to suspend the supply and distribution of petroleum products nationwide,” the communiqué added.

The Association has a storage capacity of 2 billion liters among its members, the highest in Nigeria.