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Fuel Price: Oil Marketers Backpedal, Begs FG For Tax Holidays

By Michael Eboh

Oil marketers, Wednesday, jettisoned their clamour for an increase in the price of Premium Motor Spirit, also known as petrol, and instead appealed to the Federal Government to grant them tax holidays and other incentives that would help cut their costs and also ensure that they resume fuel importation.

This was part of agreements reached at the meeting of the ad-hoc committee set up by the Presidency to engage the Federal Government on ways to get oil marketers to restart importation of the commodity and resolve the country’s fuel supply challenges.

A source in the meeting, who does not want to be named, because he was not authorized by the committee to talk on the agreements, also disclosed that it was agreed by all the members that the price of the commodity should not be increased.

He also stated that oil marketers had agreed to adopt cost-cutting strategies, while four sub-committees were inaugurated to help address the challenges of fuel supply across the country.

He said, “There is no planned increase in the fuel price. The minister said that it should not be contemplated. Even, none of us wanted the fuel price to rise. What we talked about is tax holidays and other things in that line.

“Also, all stakeholders have agreed to look inward and improve efficiency so that we can cut down cost and resume our business. Nobody is concerned about any price increment.

“The Minister also inaugurated some sub-committees, about four in number, some of which are logistics and business conduct committee. Some individuals were appointed into all the committees.”

The source said all the agreements reached at the meeting, which was still ongoing as at 5pm Wednesday, would be relayed to the Presidency, hopefully by tomorrow, before they are made public.

The committee was headed by the Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, and has as members, heads of some parastatals under the ministry, the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Depot and Petroleum Products Marketers Association of Nigeria, (DAPPMA, Independent Petroleum Marketers Association of Nigeria, IPMAN, and labour officials.

The meeting took place at the office of the Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, in Abuja.
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