The Independent Petroleum Marketers Association of Nigeria (IPMAN) has vowed to resist the scrapping of the Petroleum Equalisation Fund (PEF).

IPMAN warned that if such agitation succeeds an impending crisis in the petroleum sector would become inevitable.

The IPMAN, said this in a statement by its National Secretary, Alhaji Danladi Garba Pasali, in Jos.

It said: “It is with great concern that we deemed it absolutely necessary to stress that the ills on the agitation and pressure by some unscrupulous political elites, trying to mislead the Federal Government to scrap the PEF, under the Ministry of Petroleum, is to say the least an attempt at destabilising and sabotaging, government ongoing feat of successes of reforms in the petroleum sector.”

According to IPMAN, sections 2 of the PEF Act, stipulates: “The Fund shall be utilised for the reimbursement of oil marketing companies for any loss sustained by them solely and exclusively as a result of the sale by them of petroleum products at uniform prices throughout Nigeria being prices fixed by the Minister pursuant to section 6 (1) of the Petroleum Act.”