Why Ifeanyi Uba Had 70m Litres of Fuel When Petrol Became Really Scarce

The Depot and Petroleum Products Marketers Association (DAPPMA), has revealed why Ifeanyi Uba's Capital Oil had millions of litres of petrol when scarcity of the product became really high in recent days, The Sun reports.

In a statement signed by its Executive Secretary, Mr. Olufemi Adewole, the association explained that ‘‘Capital Oil and Gas Industries Limited does not participate in the petroleum subsidy scheme having been disqualified from the ‘PSF scheme’ by the government regulatory agency hence it does not import PMS (petrol).

 "The company is not owed a kobo under the ‘PSF scheme as it cannot make any claim hence it does not feel the impact of non-payment of subsidy reimbursements; instead the company stores petroleum products for NNPC/PPMC under a ‘throughput arrangement’ like a few other members of our association.