IPMAN’s President, Chinedu Okoronkwo, told the News Agency of Nigeria (NAN) on Friday in Lagos that the Petroleum Industry Act (PIA) signed into law by President Muhammadu Buhari on August 16 had no provision for subsidy.

NAN reports that the Minister of Finance, Budget and National Planning, Zainab Ahmed, had announced that the government would remove fuel subsidy and replace it with a monthly N5,000 transport grant to about 40 million poor Nigerians.

Mr Okoronkwo said: ”We, as marketers have always advised the government to remove petrol subsidy because it is not in the interest of development of the downstream sector.

“We welcome the decision of the government to stop subsidising petrol by 2022 and we are hoping it will attract more investments to the sector, especially with the passage of PIA.

“What we want is that a level playing field be provided for everyone in the sector to encourage competition once the subsidy is removed.”

He, however, advised the government to reinvest the subsidy savings in critical areas such as healthcare, education, agriculture and other sectors that would increase revenue accruing to the country.

Also, Tunji Oyebanji, immediate-past President, Major Oil Marketers Association of Nigeria (MOMAN), said continued subsidising of petrol was not sustainable in light of current economic realities.

He said the 2022 deadline was realistic and its impact might be mitigated with the coming on stream of the 650,000BPD Dangote Refinery, Bua Group Refinery, Waltersmith Refinery and other modular refineries.

Mr Oyebanji, who is the Managing Director of 11 Plc, however, faulted the plan to replace the subsidy with cash transfer to Nigerians due to lack of a reliable data base in the country.

“In my personal opinion, I am of the view that such funds should be channeled to areas like education and mass transportation that would be accessible to ordinary Nigerians,” Mr Oyebanji said.

An oil and gas expert, Wilson Opuwei, said the conversation about fuel subsidy in Nigeria ”should have been a thing of the past because it was an obvious wastage of the nation’s resources”.

Mr Opuwei, who is the Chief Executive Officer of Dateline Energy Services Ltd., maintained that the elite were the major beneficiaries of the fuel subsidy regime.

He said: “We should let market forces determine the price of petrol and other products, not government dolling out subsidies with funds that we don’t even have.”

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The students body, which gave this warning while briefing journalists at the NUJ secretariat Owerri, Imo State, said any fuel station that fails to dispense the FG subsidized petroleum products allocated to Imo State by Department of Petroleum Resources, DPR, within the next 24 hours, “shall have us declaring such product found in such station FREE FOR ALL”

Comr. Asefon Sunday Dayo, NANS National President, who spoke on behalf of the students said, “because our members are the worst hit and students in Imo State can no longer go to school because over 80% of our students are living off campuses as a result of inadequate hostels on campuses.

“We have invited you to express frustrations and economic hardships imposed by IPMAN members on imo State.”

“As you are aware, for the past two weeks, IPMAN and members have withdrawn the services of dispensing FG subsidized PMS and other allied products under the pretense of agitation and making unfounded dubious demands.”

Also speaking, Comr Joy Gerrald Imo Joint Campus Committee, JCC Chairman said, “they claimed that one of their members won a case in court against imo State government, a judgement that is currently being appealed by the Imo State Government, yet this elements in their desperation has continually refused to render services to Imo State people, same people the government granted them operational licenses to service.”

“You may wish to know that these people only open at night where they sell these same subsidized products at an exorbitant prices of #350 to #400 Naira, which is an indication that these elements are just out to make life unbearable to Imo people and by extension Nigerians while selfishly profiting from the suffering of the people.”

“This wickedness exhibited by IPMAN members has given rise to astronomical hike in the prices of goods and services in imo State thereby making life more difficult to the already impoverished imo people.”

“In our thinking, IPMAN is acting like a mere cartel, illegally selling the FG subsidized fuel at exorbitant prices, depriving Imo people from enjoying subsidized products which they are entitled to unconditionally and hording same to sell illegally at hiked prices. This is not only a criminal but also and economic sabotage which must be resisted.”

“We have received complaints of frustrations by our members occasioned by this wickedness, where a distance from Douglas road to Fedpoly Nekede, Futo, Imopoly and others are costing over Seven hundred naira per trip.”

“We feel challenged and can not fold our arms and watch our people suffer while some elements hiding under the umbrella of IPMAN, with the under the supervision of DPR to continue to criminally enrich themselves to the detriment of unsuspecting Imo people, especially our students.”

“After due consultation with all affected groups in the State, we have resolved to lead a struggle to ensure that these products are made available and distributed as contained in the license issued to petroleum dealers.”