FG orders immediate payment of N150bn to petroleum marketers

ABUJA—In a bid to avert the looming scarcity of 
petroleum products, especially the Premium Motor
 Spirit, PMS, popular called petrol, the Federal Government
 last night ordered the payment of the N150 billion 
Petroleum Equalisation Fund owned petroleum marketers.

The order followed a meeting between the Chief of Staff 
to the President, Mr Abba Kyari, and the stakeholders 
in the petroleum sector.

The money is understood to be subsidy on the cost of 
delivery of petroleum products across the country.

Yesterday’s meeting which held behind closed doors at
 the Conference Room of the Chief of Staff at the
 Presidential Villa, Abuja was the second and concluding 
part of the meeting that started on Tuesday on the issue.

According to the ERIC GOSSIP NEWS, National Secretary
 of Independent Petroleum Marketers Association of 
Nigeria, IPMAN, Zarma Mustapha,said the approval was 
with immediate effect.

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 franchise, which is the petroleum
equalisation fund which marketers are owed to the tune 
of about N150 billion and now the issue has been 
resolved. The government has directed that our mony 
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 will be paid 
in some few days.”