The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has paid N58 billion as bridging claims to oil marketers in the last six months.
Some marketers, especially the Independent Petroleum Marketers Association of Nigeria (IPMAN), raised concerns about not being paid the claims since last year with a threat to stop petroleum products distribution.
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However, NMDPRA in a statement on Thursday said: “Since December 2021, the NMDPRA has made several payments to marketers whose claims have been verified. So far, over N58 billion has been disbursed to oil marketers out of which about N34 billion went directly to members of IPMAN.
“We wish to stress that the total amount disbursed so far is the highest ever paid within a six-month span by previous fund administrators, which implies that the reimbursement of marketer’s transportation differentials for petroleum products movement from depots to sales outlets is a priority to the NMDPRA,” it explained.
The authority also said the administration of bridging payment is a continuous process as hundreds of trucks load and discharge products daily thereby adding to the claims.
It also said freight rates were recently reviewed upwards to reflect current market realities and stimulate investments in the transportation of petroleum products to ensure uninterrupted distribution.
The authority then admitted that some of the pending payments were due to the reluctance of marketers to reconcile their claims, in spite of the authority’s continuous appeal to come for reconciliation whenever there are discrepancies.
It however assured that NNPC has sufficient petrol to last over 47 days, translating to about 2.65 billion litres to stabilise the fuel scarcity in some states.
“Some loading depots have been directed to operate on extended hours to enable increased truck-out. In the interim, the vessel discharge operations have been reviewed to fast-track truck loading and distribution in order to meet increased demand.”
