FG Orders Release Of N150bn To Oil Marketers

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

A move by the government to douse threats of abridging  steady supply of petroleum products within the nation.

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

The national secretary of the Independent Petroleum Marketers Association of Nigeria, Zarma Mustapha who spoke to selected journalists after the meeting, clarified 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 urged 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 doused fears over anticipated increase in pump prices of Premium Motor Spirit, promising that as soon the payment is made to them the pump price for PMS could reduce to N140 per litter.

It was gathered 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  final decision.

Those who attended the meeting include the 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) .