19 February 2012
*Only few oil firms with facilities to participate
By Emma Ujah
Following the public outcry against the fraud in the administration of the fuel subsidy and the call for greater transparency in the subsidy regime in particular and the oil industry in general, the Federal Government has pruned down oil marketing companies to participate in the importation of fuel under the new subsidy regime by limiting it to only a few genuine companies that have depots and other facilities for petroleum products business.
The Coordinating Minister and Minister of Finance, who disclosed this in Zurich Switzerland, at the weekend, insisted that only the companies that were well-known to be engaged in that business would be allowed to participate.
Effectively, the over 100 “briefcase” companies that appeared at the House of Representatives public hearing on fuel subsidy have been eliminated in the new regime which Dr. Okonjo-Iweala said would be open for monitoring by all Nigerians.