• Kachikwu to meet govt, banks on subsidy • Debunks price slash to N57
THE Nigerian National Petroleum Corporation (NNPC), members of the Major Oil Marketers Association of Nigeria (MOMAN) and the Depot and Petroleum Products Marketers Association(DAPPMA), yesterday met at the NNPC headquarters Abuja to chart a course for smooth supply of petroleum products during the yuletide season.

Meanwhile the NNPC has debunked reports in some social media of a purported reduction in current pump price of petrol from N87 per litre to N57.

Describing the report as false, the corporation advised members of the public to ignore such tales, noting that the price of petrol remains N87 per litre.

The meeting was to ensure zero queues at the filling station during the yuletide when demand for products is usually on the high side.

At the end of the session, the NNPC and the key downstream operators reached a consensus to work together to eliminate all obstacles that could hamper the free flow of petroleum products across the country.

Addressing the downstream stakeholders, the Group Managing Director (GMD), NNPC, Dr. IbeKachikwu, saidthe issue of uninterrupted supply and distribution of petroleum products across the country is of utmost importance to the present administration, noting that government is willing to do everything possible to ensure that members of the public do not go through any form of hardship in accessing petroleum products particularly the Premium Motor Spirit (PMS).

On the protracted subject of outstanding payment subsidy to oil marketers, Kachikwu promised to work with other relevant Federal Government agencies to fast-track the payment of the outstanding claims, promising in the interim to arrange for a meeting with the relevant creditors (bankers) to reduce pressure on marketers and extend the credit lines.

He noted that several financing mechanism are being explored to offset the commitment to oil marketers.
Hinting on the possibility of exploring the monthly payment option, Kachikwusaid: “ In future we may explore some creative means to prevent backlogs.”

The Executive Secretary, MOMAN, Obafemi Olawore, commended the GMD for his support and pledged the readiness of the marketers to work assiduously with the Federal Government to ensure zero fuel scarcity across the nation in the coming yuletide and even beyond.
Olawore called on Kachikwu to facilitate the institution of a special committee to verify and authenticate the current national PMS consumption figure of 40 million litres per day.