The Federal Government has ordered immediate payment of the N150 billion bridging cost for fuel products’ delivery across the nation owed marketers.
The meeting, held inside the Conference Room of the Office of the Chief of Staff, was attended by the Minister of Finance, Kemi Adeosun; the Minister of State for Aviation, Hadi Sirika; Group Managing Director of the Nigerian National Petroleum Corporation, Kachalla Maikanti; representatives of the Independent and Major Oil Marketers Associations as well as heads of the Petroleum Product Pricing Regulatory Agency and the Petroleum
Pipelines and Products Marketing Company.
The national secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Zarma Mustapha, later told journalists that the government had directed immediate commencement of payment.
Mustapha noted that 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 equalisation fund which marketers are owed to the tune of about 150 billion and now the issue has been resolved. The government has directed that our monies must be paid and I’m assuring you that with the payment of this money, there is no cause for alarm.
“We’re assuring our marketers that they should go back to their normal business as their outstanding will be paid in some few days,” he said.
He also stated that the stakeholders would today meet with financial authorities, expressing the hope that the payment would start before this week.
Mustapha ruled out fuel price increase after the payment, saying some filling stations would even sell at N140/litre.