Oil majors led by Total have suspended importation of petroleum products into the country, sparking fears of an imminent fuel scarcity.
The marketers are protesting the Federal Government�s non-payment of arrears of the Petroleum Support Fund amounting to N17.48bn.
Products delivery statistics obtained by our correspondent from the Petroleum Products Pricing Regulatory Agency on Thursday, revealed that Total, Texaco and MRS Oil and Gas backed out from the importation of products in August after the Federal Government could not fulfil part of its obligation.
Oando also withdrew from the importation of products in September after it imported products for which the government is still owing it N0.87bn.
In appreciation of the volatility of crude and petroleum products pricing and the enormity of sustaining supply in an economy whose pricing system is not fully deregulated, the Federal Government established the PSF and earmarked the sum of N150bn for its take-off.
However, the Executive Secretary of the Petroleum Products Pricing and Regulatory Agency, Dr. Oluwole Oluleye, last Thursday said the amount had not been released by the government.
�The greatest challenge facing the agency is the non-release of the N150bn budgeted for the scheme into the PSF account with the Central Bank,� Oluleye said.
He said the non-release of the funds was a major challenge to the deregulation policy as marketers� confidence was being eroded.
�There is also the challenge of sustaining products availability which is becoming difficult with threats of withdrawal by the marketers due to non-reimbursement under the PSF scheme,� he added.
He said the agency had made a passionate appeal to the Federation Account Allocation Committee at its meeting in August in Abuja and its recent meeting two weeks ago in Enugu for the remittance of the amount.
�This will instil confidence in the scheme and sustain products availability,� Oluleye added.
From the statistics, Total is owed a cumulative amount of N1.25bn, Texaco N1.51bn, MRS Oil and Gas N5.65bn and Oando N9.05bn.
The executive secretary said the agency would have to pay N201.02bn to the Nigerian National Petroleum Corporation, while other marketers would be paid N17.48bn from the amount.
Though the the importation by the oil majors was negligible when compared to NNPC�s, Oluleye said it was significant as it bridges the gap between demand and the amount supplied by the NNPC.
He explained, �This is why when there are hiccups in the system it is hardly noticed by the consumer,� adding, �What we want to avoid is a return of queues and products hoarding.�