FG pays N22.7bn gasoline bridging claims to carriers – Official

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says that the Federal Government has paid bridging claims in the amount of N22.7 billion to carriers of petroleum products. NMDPRA Executive Director Farouk Ahmed unveiled this during an interactive session with downstream industry officials on Wednesday in Lagos. Ahmed added that the government would pay another 30 billion naira to carriers before the end of this week to ensure the smooth distribution of petroleum products across the country. The session was attended by senior officials from the Nigerian National Petroleum Company Ltd., the Nigerian Petroleum Marketing Wholesalers Association and the Nigerian Petroleum Products and Deposits Marketers Association. He said: “Another area of ​​concern is the carriers and the payment of their bridging funds. “Since the last meeting in December, we have paid about N12.7 billion to carriers and on January 24 we paid another N10 billion. “This week, we are paying another 30 billion naira to carriers in a bid to give them some breathing room due to the difficulties they are facing with economic realities.” He attributed the delay in the payment of bridging funds, which were paid for transporting oil products by road over long distances, to the agency’s verification of carriers’ claims. “We had to do our due diligence to reconcile before making the payment. “Reconciliation is still ongoing and the more we raise, the more we pay, to catch up with the backlog we inherited,” Ahmed said. PIA On the implementation of the Petroleum Industry Act of 2021, he said, the Presidential Steering Committee chaired by the Minister of State for Petroleum Resources was establishing regulations. Mr. Ahmed noted that out of around 38 regulations that relate to the NMDPRA, the authority had received around eight draft regulations submitted for review. He said: “The intention is to review these regulations and invite all interested parties for comments because we do not intend to do this alone. “We need to invite stakeholders to review the regulations before they are implemented because the PIA is here to stay.” Additionally, Adeyemi Adetunji, Group Executive Director, Downstream, NNPC Ltd., said that NNPC would play its role as the power provider of last resort for the country. NNPC Mr Adetunji said: “We will continue to ensure that all petroleum products are available. “Fortunately, we spent the last festive season (Christmas/New Year) without queues in the country. “So we thank all stakeholders in the industry, we thank Nigerians for ensuring that they could access petroleum products at all retail stations and outlets. “NNPC will continue to implement and supply the market with suitable petroleum products, even as we are now NNPC Ltd., a wholly commercial company governed by the PIA and the Companies and Related Affairs Act.” He said the company would continue to subscribe to the highest standards of all industry regulations and collaborate with others. Mr. Adeyemi said this was to ensure that Nigerians had an adequate and quality flow of petroleum products at all times. For his part, Olumide Adeosun, president of MOMAN, said that many of the key issues raised by the marketers had been addressed. Adeosun said: “Some have not been addressed yet and some are in progress. advertisements “An example of work in progress is the plan that we need to have in place after the announcement of the postponement of subsidy elimination with the PIA.” (YAYA) Read More Related News Here Let here it in the comment below if you do have an opinion on this; FG pays N22.7bn gasoline bridging claims to carriers – Official