Chinedu Okoronkwo who happened to be the national President of petroleum association made the allegation at a public hearing convened by the House of Representatives ad hoc Committee on the recent hike in the pump price of fuel.
Okoronkwo added that IPMAN members no longer engage in the direct importation of fuel as they are presently owed about N250 billion by the Nigerian National Petroleum Company Limited.
This is just as he called on the Federal Government to instruct all its agencies to put a stop to arbitrary charges which are built into the price of fuel by marketers.
On how to address the challenges in the oil sector, the President recommended a switch to Compressed Natural Gas even as he added that the only way for Nigeria to make meaningful progress was to remove fuel subsidy to enable the government to save to fund critical infrastructure.
“In spite of the excruciating pain of subsidy removal, it is something that can act as a succour in the country if we must live and be happy.
“Energy everywhere is critical..It is on the security list of every nation and God has given us the best in gas that can last for over 500 years.
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