(Ecofin Agency) - As part of moves to eliminate threats of insufficient supply of petroleum products, the Federal Government of Nigeria has ordered the payment of N150 billion ($492 million) to independent oil marketers across the country.

This new development is coming a day after Petroleum marketers in the country proposed a new pump price of N165 per litre for Petrol, saying that the present price of N145 per litre is no longer sustainable due to the scarcity of foreign exchange to finance fuel importation. Speaking after the meeting held with ‎stakeholders in the sector, the National secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Zarma Mustapha, clarified that the meeting was not about fuel increase but on the payment of the N150 billion accrued to marketers as bridging costs.

“We looked into the issue of diesel and kerosene and as a matter of fact, the government is tackling the issues. The other issue is the issue of franchise which is the petroleum equalization fund which marketers are owed 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’m assuring you that with the payment of this money, there is no cause for alarm,” he said.                                                              

Mustapha promised that as soon as the payment is made, the pump price for petrol would go back to N140 per litter.

Anita Fatunji