Posted by By DENNIS MERNYI, Abuja on
The Federal Government says it will ensure stability in the prices of petroleum products in the country barring any other unforeseen circumstance.
• Refunds petroleum mar
The Federal Government says it will ensure stability in the prices of petroleum products in the country barring any other unforeseen circumstance.
This was disclosed on Tuesday in Abuja by the Executive Secretary of Petroleum Products Pricing Regulatory Agency (PPPRA), Dr Oluwole Oluleye at the presentation of N21.3 billion cheques to petroleum marketers and report of administration of the Petroleum Support Fund (PSF), from 2006 to 2007, to energy correspondents.
He said: 'Government is committed in the stability of current petroleum prices. From our interaction with top government functionaries, it is clear that there is commitment on the side of government to stabilize the current prices."
The sum of N21, 361,527,009.20 has been paid to petroleum products marketers for the 2007 outstanding subsidy reimbursement for products (PMS and HHK) distribution in the country. The amount is part of the N278.86 billion owed the marketers by the government in the same year.
Presenting the cheques to the marketers, the executive secretary also announced that the agency would require about N304 billion to administer adequately the Petroleum Support Fund (PSF) scheme in 2008.
To achieve this, the PPPRA boss hinted that the agency would require about N25 billion for products subsidization monthly.
Already, Dr. Oluleye disclosed that the finance ministry has confirmed the receipt of the documents for the payment of the arrears of January to March, 2008, to the tune of N18.25 billion.
'Payment for the first quarter of 2008, to the tune of N18.25 billion, has been submitted to the finance ministry for auditing and final processing", he stated.
The PSF, according to him, has recorded greater participation of major independent marketers as well as a remarkable increase in the supply by other marketers over the 2006 level.
He explained further that the improvement in the processing and payment of marketers for the increase in the contribution of the independent and majors marketers resulted into the agency spending N278.86 billion, part of which is being paid.