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IPMAN decries proposed merger of PTDF, PPPRA, PEF

The Independent Petroleum Marketers Association of Nigeria (IPMAN), on Saturday decried the proposed merger of three agencies in the petroleum industry.

The agencies are: Petroleum Technology Development Fund (PTDF), Petroleum Products Pricing and Regulatory Agency (PPPRA) and Petroleum Equalisation Fund (PEF).

Alhaji Suleiman Yakubu, National Public Relations Officer of IPMAN stated this during an interview with News Agency of Nigeria (NAN) in Abuja.

According to him, the association may not function effectively in fuel distrbution if the proposed merger of three agencies come to reality.

He said IPMAN’s main concern was that: “PEF is an independent body and it should continue to be like that.”

Yakubu said that PEF had collaborated with stakeholders to ensure prompt settlement of marketers’ claims and enhance distribution of petroleum products.  “They also make the products available at reasonable cost nation-wide,” he said.

He said that PEF had also computerised structure, built data and information bank for accuracy on the level of lifting and distribution of petroleum products in the country.

Yakubu stated that PEF’s source of fund was from the net surplus revenue recovered from the oil marketing companies.

“IPMAN wants PEF to continue supporting its members,” he said.