Oil marketers have given the federal government seven-day ultimatum to settle outstanding debts totaling N800 billion, failing which depots would cease operations across the country.
Legal Adviser to IPPI Patrick Etim, told the newsmen that banks have taken over investments and assets of oil marketers over unpaid debts.
Etim, said marketers have no choice than to ask their workers to stay at home over unpaid salary arrears due to huge subsidy debts owed by the government.
He said the only way to salvage the situation is for government to pay the oil marketers the outstanding debts through cash option instead of the promissory note being proposed.
The oil marketers have requested that forex differential and interest component of government’s indebtedness to marketers be calculated up to December 2018 and be paid within next seven days from the date of the letter sent to the government.