Posted on: 11:39 Thu, 26 Jan 2017

President Muhammadu Buhari has sanctioned the payment of financial entitlements to petroleum marketers to ensure smooth operations.



The Federal Government on Wednesday ordered the payment of N150 billion Petroleum Equalization Fund (PEF) owed petroleum marketers in the country, The Nation reports.

The move is aimed at thwarting the imminent threat to steady fuel supply in the country.

The order for the payment was given at a meeting between the Chief of Staff to the President, Abba Kyari and key players in the petroleum downstream sector.

The N150 billion is said to be the bridging cost for the delivery of petroleum products across the country. The National Secretary of Independent Petroleum Marketers Association of Nigeria (IPMAN), Zarma Mustapha, briefed State House correspondents at the end of the closed-door meeting, which lasted about two hours.

He said: “ The meeting had nothing to do with increase in petroleum pump prices.

“We looked into the issue of diesel and kerosene and as a matter of fact government is tackling the issues.

“The other issue is the issue of franchise which is the petroleum equalization fund which marketers are owed up to about N150 billion. That issue has been resolved. The government has directed that our monies 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 few days.”