The Presidency has given an order for the immediate release and payment of N150billion Petroleum Equalization Fund (PEF) owed oil marketers.
The directive, which is to avert an imminent strike action by petroleum marketers, was given at a meeting between the Chief of Staff to the President, Abba Kyari and key players in the nation’s oil downstream sector.
The amount is the bridging cost for the delivery of petroleum products across the country.
Speaking to State House Correspondents after the closed-door meeting which held at the presidential villa, Abuja, the National Secretary of Independent Petroleum Marketers Association of Nigeria (IPMAN) Zarma Mustapha, said government wants immediate payment of the funds to beneficiaries.
Zarma however explained that the meeting between the group and the Chief of Staff had nothing to do with any planned increment in pump price of petrol.
“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 Petroleum Equalization Fund 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 am assuring you that with the payment of this money, there is no cause for alarm,” Zarma stressed.
He continued that “we are assuring our marketers that they should go back to their normal business as their outstanding will be paid in some few days” .
The IPMAN secretary noted that stakeholders in the sector will today (Thursday) meet with financial authorities and then the payment will commence hopefully before the end of the week.
Zarma emphasized that there would not be an increase in pump prices of Premium Motor Spirit (PMS) after the payment as some filling stations will sell for N140 as against N145 per litre.
