26 January 2017, Lagos – The Presidency on Wednesday ordered the immediate payment of the N150bn owed petroleum marketers in the country under the Petroleum Equalisation Fund.
The approved sum is said to be the bridging cost for the delivery of petroleum products across the country.
The National Secretary, Independent Petroleum Marketers Association of Nigeria, Zarma Mustapha, spoke with reporters at the end of the meeting held behind closed doors.
Mustapha said, “The meeting had nothing to do with the increase in petroleum products’ pump prices. We looked into the issue of diesel and kerosene, and as a matter of fact, the government is tackling the issue.
“The other issue is the issue of franchise, which is the Petroleum Equalisation Fund that marketers are owed to the tune of about N150bn, and now the issue has been resolved. The government has directed that our money must be paid and I am assuring you that with the payment of this money, there is no cause for alarm.
“We are assuring our marketers that they should go back to their normal business as their outstanding money will be paid in some few days.”
Mustapha also said the stakeholders would today (Thursday) meet with financial authorities and then the payment would commence before the end of the week.
He assured stakeholders that there would not be an increase in the pump price of Premium Motor Spirit after the payment.
“The government has instructed the Minister of Finance to pay the marketers and they have assured us they will pay and as soon as the payment is done; instead of the current N145 per litre pump price of PMS, it can go for as low as N140 per litre. So, there should be no worries about increment in the price of PMS,” he said.
Among those at the meeting were the Minister of State for Aviation, Hadi Sirika; Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru; representatives of the Independent and Major Oil Marketers Associations; Minister of Finance, Kemi Adeosun; as well as the heads of the Petroleum Products Pricing Regulatory Agency and the Pipelines and Products Marketing Company.
- Punch