FG Releases 150bn To Oil Marketers

The federal government has ordered the payment of 150 billion naira to Independent oil marketers across the country.

This is a strategical move by the government to reduce threats of abridging  steady supply of petroleum products within the nation.

Abba Kyari, Chief of Staff to President President Muhammadu Buhari, gave the order at a meeting he had with key players in the downstream sector of the petroleum industry this evening.

Zarma Mustapha, The national secretary of the Independent Petroleum Marketers Association of Nigeria, who spoke to selected journalists after the meeting, confirmed that the gathering was not about fuel increase but on the disbursement of the N150 billion which is accrued to the marketers as bridging costs.

Mustapha, who encouraged marketers to return to work based on the assurances from government on the immediate payment of the fund, assured that with the development they should go back to their normal businesses.

He also drenched fears over anticipated increase in pump prices of Premium Motor Spirit,PMS,  promising that the price pre litre of PMS could reduce to N140 as soon the payment is made.

Reports said that the meeting between  Chief of Staff to the president and operators of the downstream sector first held last Tuesday before reconvening yesterday  for a conclusion.

Finance Minister, Kemi Adeosun, Aviation Minister, Hadi Sirika, The Managing Director, Nigerian National Petroleum Corporation,Kachalla Maikanti Baru, representatives of Independent and Major OilMarketers Associations.  Heads ofPetroleum Product Pricing Regulatory Agency (PPPRA) and the Petroleum Pipelines and Products Marketing Company (PPMC) were all present at the meeting to witness contribute their opinion towards the current issue at hand.