In a bid to avert the looming scarcity of petroleum products, especially the Premium Motor Spirit, PMS, popularly called petrol, the Federal Government last night ordered the payment of the N150 billion Petroleum Equalisation Fund owed 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.
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.”