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Design And Implementation Of An Automated Inventory Control System For A Manufacturing Organization
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What We Do: In broad terms, the Board performs two (2) basic functions, namely:
( i ) The Administration of price equalization scheme to ensure the sustenance of
Government Policy of Uniform Pump Prices for petroleum products nation- wide;
( ii ) The administration of bridging payment scheme to complement the Nigeria National
Petroleum Companies pipeline distribution network of petroleum products to all the
depot areas nation-wide, during breakdown/maintenance of local refineries and or pipeline
breaks/vandalisation.
(d) The Equalisation Scheme:
I. The consumer pays the in – build transportation cost of N2.30kobo per litre irrespective of where the product is purchased. The amount is not static because of
government policy.
II. Transportation cost is related in distance traveled between the points of lifting the products (Depots) and the points of sale (filling stations)
III. The marketer serves as an agent of the PEF (M) B in collecting the allowances build – into the price structure, and transfers same to the Board for equalization or bridging purposes. The allowance collected for bridging is N1.87Kobo. This also changes from time to time.
(e) Bridging Fund Scheme:
Bridging is the movement of petroleum products by long distance road haulage (i.e above 450 kilometres) from a depot/refinery to another depot experiencing scarcity. Bridging is resorted to only when there is a pipelines break or where the refinery feeding the depot(s) experiencing products scarcity is shut for Turn Around Maintenance (TAM).
(f) Penalty for Non Payment of Allowance:
(1) The Board shall from time to time, by notice served by registered post on the oil marketing company concerned, specify the date on which any net surplus revenue due from that oil marketing company shall be paid to the Board.
(2) If any sum is not paid within twenty-one days of the specified date, a sum equal to ten per centum of the amount on unpaid shall be added for each month or part of a month after the date on which payment should have been done.
(3) The Board may, if it thinks fit, remit in whole or in part any penalty imposed under this section.
(g) Offences and Penalty:
(1) Any person who fails to comply with any requirement made by the Secretary under section 10 of this Act, shall be guilty of an offence and liable on conviction to a fine of N50,000.
(2) Any person who-
(a) Knowingly or recklessly furnishes in pursuance of any requirement made under section 10 of this Act, any return or other information which is false in any material; or
(b) Willfully makes a false entry in any record required to be produced under that section with intent to deceive, or makes use of any such entry which he knows to be false, shall be guilty of an offence and liable on conviction to a fine of N50,000 or to
imprisonment for five years.
(3) Where an offence under this Act by a body corporate is proved to have been committed with the consent or connivance of, or to be attributed to any neglect on the part of, any director, manager, secretary or other similar officer of the body corporate (or any person purporting to act any such capacity) he as well as the body corporate shall be deemed to be guilty of the offence and may be proceeded against and punished accordingly.
(h) Those We Serve:
1. Staff of Petroleum Equalisation Fund (management) Board
2. Independent oil marketing companies
3. Major oil marketing companies
4. Stakeholders of oil industries
5. Government organizations
6. Third-party
7. General public.
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