Subsidy Payment, Major Challenge Of Marketers-NIPCO Boss

The Managing Director,
Nigerian Independent Petroleum Company Plc (NIPCO), Mr Venkatarman Venkatapathy has described the delay in subsidy payment on imported petrol as the biggest challenge that confronted marketers in 2014.
The NIPCO boss’ assessment was contained in a statement by the Company’s Head of Corporate Affairs, Mr Taofik Lawal, and made available to newsmen.
According to the statement, Venkatapathy made the assertion while speaking on the sidelines of the company’s recent 11th AGM in Abuja.
He said the outstanding payment with regard to Premium Motor Spirit (PMS) importations by the marketers has seriously eroded the operating results of the companies in the sector.
The statement quoted the Managing Director as saying that the petroleum industry, which is the main stay of the nation’s economy, had been married over the years by a plethora of challenges.
It said, there are concerns about the effects of Shale oil on the crude oil prices which also have its negative effects on the value of the Naira.
It noted that in spite of the challenges, the company was able to develop a transformation agenda to ensure that organisation remained committed to meeting the needs of the stakeholders.
“Our services are second to none as we continue to store petroleum products in an environment that is friendly, safe and dignifying in line with our corporate vision”, it added.
The NIPCO executive officer said the company had created new processes for operational efficiency, optimum capacity utilisation and enhanced sales even while developing new business lines.