Cheaper fuel drive: IPMAN moves to access CBN’s N250bn CNG fund


…backs FG on downstream deregulation

…says PEF money is marketers’ money

…denies protest against NNPC GMD

Deborah Musa, Abuja and Laraba Murray, Abuja

The Independent Petroleum Marketers Association of Nigeria (IPMAN) is set to receive N250 billion fund to finance establishment of Compressed Natural Gas (CNG)

The President IPMAN, Chinedu Okronkwo   disclosed this to journalists in Abuja on Wednesday. Okoronkwo who said that the meeting was to let  the members know  government has released about N250 Billion for  CNG project.

The president said, “We have also put our consultants in place on how this money will be released to our members.”

He added that Nigeria will have cheaper energy, gas and the economy  will begin to grow again.

Okoronkwo  debunked the allegations that IPMAN authorised the protest that took place in Port Harcourt.

“Moving forward,we want to disown whatever happened in Port Harcourt yesterday and to also beg the management of  NNPC that IPMAN is not part of it.”

He said, “We  never  asked anybody to do anything. More so, IPMAN are responsible Nigerians. Our idea and agenda is to partner with government so that we can make our contributions.”

According to him, this time is not a time for fighting, we will bring our idea and the Government will  bring theirs.

The President further added that a lot of things are going on in the industry ranging from price and others.

“We want to  put it on record that IPMAN is not part of Nigerian’s suffering. Come to think of it, we are the ones suffering because since 2008 we have never had profit in terms of our margin in our business. We are carrying on to ensure that this product is carried to all the nooks and  of this country he stated,” he said.

In addition, he noted,“Now we are hearing rumours that the Petroleum Equalization Fund is Government’s money. ‘We want to place on record that the fund is marketers money’

“No naira of Government is in that money and if there is anything Government wants to do we should be consulted and we will proffer advice.

“A lot of our members money are still in that fund and for us, the management of PEF have not eaten our money so if there is anything, we know due regulation goes with a lot of things and we can also come together to resolve it and this product will be enjoyed in all nooks and craning without any hitches.

“We control over 80% of the downstream sector of the economy in oil and gas .

“So far we are in sync with Government program especially in this gas revolution. The government is now bringing support, we have also seen it as additional income to boosts our members alternative source of income. We welcome it and also ask government that this money  that has been set for this program is the channel that we  use to reach all the nooks and crannings. over 80% of members filling stations are scattered all over Nigeria.

“The Chairman Board of Trustees, Ipman Alhaji Aminu acknowledges the effort of IPMAN and support  on gas policy on collaborating in bringing gas into the downstream. I think it is the best thing that will happen to the country. Gas is a product that is cheaper, cleaner and encourages deforestation.

“Petroleum Equalization Fund is between the marketers and consumers. It has nothing to do with the Government,” he said.


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