Oil Marketers, NARTO Suspend Strike | Independent Newspapers Limited
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Oil Marketers, NARTO Suspend Strike

Posted: May 2, 2015 at 10:15 am   /   by   /   comments (0)

Phillip Oladunjoye , Lagos


Members of the Major Oil Marketers Association of Nigeria (MOMAN) and the National Association of Road Transport Owners (NARTO) and the Petroleum Tanker Drivers (PTD), said they have suspended the strike action, which has led to the queues being experienced at the filling stations across the country.

The executive secretary of MOMAN, Mr. Obafemi Olawore, who briefed journalists in Lagos on Friday about the latest development, said the trio decided to call off the strike based on the fact that the subsidy money and the interest paid to the association about two months ago through Sovereign Debt Note (SDN) are now being matured at the banks and could now be accessed by members of the association.

He said some members of the association have started collecting the money totaling N154 billion, explaining that the subsidy itself is N99 billion while the interest on it is N66 billion.

He said the association has agreed to pay NARTO and PTD part of the N20 billion members of the association owe them. He said it was as a result of this and the promise made by the Minister of Finance, Ngozi Okonjo-Iweala, to meet with the association on how to liquidate the remaining N200 billion that made them suspend the strike.

He said NARTO has said that they would wait for some days to hear from the association on how it would pay its balance and that if nothing concrete comes out, it would resume the strike. He called on the federal government to ensure that modalities are reached on how it will offset the remaining N200 billion when they meet on Monday.

He noted that it was NARTO which gave them ultimatum that if the amount being owed it is not paid, it will embark on strike. He said it was after the expiration of the ultimatum that NARTO went on strike and as such there was no means to get fuel to the retail outlets of members resulting in the unending queue being experienced now.