FG orders immediate payment of N150bn to fuel marketers

THE Federal Government has ordered the Ministry of Finance to immediately settle the N150 billion Petroleum Equalisation Fund debt being owed independent petroleum marketers.

This was the outcome of a closed-door meeting between the Chief of Staff to the President, Abba Kyari and the marketers, at the Presidential Villa, Abuja, on Wednesday, which was called to avert a looming fuel crisis.

National Secretary of Independent Petroleum Marketers Association of Nigeria (IPMAN), Zarma Mustapha, told State House correspondents after the meeting that the order for the settlement of the debt was given by Kyari.

He said government had approved the payment which was incurred in bridging of petroleum supply across the country by their members.

Mustapha assured that the two-hour meeting had nothing to do with the speculated increase in the pump price of petrol.

“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, the Petroleum Equalisation Fund, which marketers are owed petroleum equalisation to the tune of about N150 billion. The issue has, therefore, been resolved.

“The government has directed that our monies must be paid and I am assuring you that with the payment, 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,” he said.

Mustapha also debunked speculation that the pump price of Premium Motor Spirit (PMS) would soon be increased, saying rather than hike in the price, it would likely go down after the marketers had received their payment.

According to him, “the government has instructed the Minister of Finance to pay the marketers and they have assured they will pay and as soon as the payment is done, instead of N145 per litre, it can go for as low as N140 per litre.

“So, there should be no worries about increment of PMS.”