The debate, which was televised live, made official findings that have been widely leaked in recent days.
The fuel sector probe was set up in the wake of angry nationwide protests in January after the government tried to remove a fuel subsidy.
Nigeria is a major oil producer but has to import most of its fuel.
"We are fighting against entrenched interests whose infectious greed has decimated our people," House of Representatives Speaker Aminu Waziri Tambuwal said as he opened the two-day debate.
"Therefore, be mindful they will fight back and they normally do fight dirty."
The 205-page parliamentary report uncovers a long list of alleged wrongdoings involving oil retailers, Nigeria's Oil Management Company and the state Nigeria National Petroleum Corporation.
According to the leaks, a total of 15 fuel importers collected more than $300m two years ago without importing any fuel, while more than 100 oil marketers collected the same amount of money on several occasions.
The leaked report also says that officials in the government of President Goodluck Jonathan were among those who benefited from the subsidy fund.
Many of the people named in the document have denied any involvement in fraud, with some taking out full-page adverts proclaiming their innocence in local newspapers
Source:http://www.bbc.co.uk/news/world-africa-17823959
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