A Review of the Nigerian Energy Industry

House of Reps urges review of fuel import modalities

11 July 2012, Sweetcrude, ABUJA – CHAIRMAN of Nigeria’s House of Representatives Committee on Petroleum (Downstream), Hon. Dakuku Peterside, has called for a review of the criteria for participation in the nation’s Petroleum Support Fund (PSF).

Dakuku, who spoke Tuesday at the public hearing investigating the activities of Petroleum Equalisation Fund (PEF), said the the review had become necessary due to lack of capacity displayed by most oil marketers interrogated by his committee.

Querying the criteria for participation in the Fund, Peterside stated that invited companies were unable to provide his committee with necessary documents relating to bridging claims.

He said there inaction amounted to defrauding the nation of its revenue, stressing: “It is unfortunate that we do not take ourselves seriously in this country. If not, how can you claim not to have benefited from the PEF without adequate supporting documents?

“Contrary to documents before us, most of you claimed not have received bridging claims from PEF. Rather what most of you are telling us is that you have been remitting your dues as prescribed by the Petroleum Product Pricing and Regulatory Agency (PPPRA), but where are the documents to back your assertions?

According to the lawmaker, the participation of some companies in the Petroleum Subsidy Fund is suspect. He stated that many of them were without retail outlets or storage facilities, yet they were able to get allocations to import fuel.

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