An indigenous oil firm, ASCON Oil Company Limited, has absolved itself of any wrong doing in the fuel subsidy scam. Ascon, in a statement, yesterday, denied being part of the oil cabal allegedly engaged in shady deals and milking the nation of the various amounts government paid on oil subsidy.

The oil company said it never deviated from the laid down procedure for participation under the Petroleum Subsidy Fund, PSF, Scheme managed by the Petroleum Products Pricing and Regulatory Agency, PPPRA and was therefore completely taken aback by the what it described as insidious campaign of calumny against it and its Group Managing Director.

The statement described as unfortunate a situation where over 75-80 percent of the petrol (PMS) consumed in Nigeria wass imported due to the limited and inadequate production from  the nation’s comatose refineries.