Oil marketers (Marketers) have issued a seven-day ultimatum to the Federal Government for the payment of all outstanding subsidy debts which amount to the sum of N800bn. This amount includes the foreign exchange differentials and interest rate component also owed to the Marketers. Although the state firm, the Nigerian National Petroleum Corporation, is currently the sole importer of petrol into Nigeria, it relies on the depots of the oil marketers to store and transfer petrol. Any closure of the depots by the marketers could thus lead to a fresh round of fuel scarcity similar to that witnessed in December 2017.
The Marketers, under the aegis of Major Oil Marketers Association of Nigeria, Depot, the Petroleum Products Marketers Association of Nigeria and the Independent Petroleum Products Importers, have explained that failure to meet the deadline would force its members to disengage their workers.
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