The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said that over N58 billion has been disbursed to oil marketers out of which about N34 billion went directly to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN).
According to a statement signed by the NMDPRA Corporate Communications, this clarification is necessary to answer the concerns raised by some Oil Marketers over their outstanding bridging claims.
The statement read, “The administration of bridging payment is a continuous process as hundreds of trucks load and discharge products daily thereby adding to the claims.
“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 the Independent Petroleum Marketers Association of Nigeria (IPMAN).
“We wish to stress that the total amount disbursed so far is the highest ever paid within6 months by previous fund administrators, which implies that the reimbursement of marketers’ transportation differentials for petroleum products movement from depots to sales outlets is a priority to the NMDPRA.
“In addition, Freight Rates were recently reviewed upwards to reflect current market realities and stimulate investments in the transportation of petroleum products in the country to ensure uninterrupted distribution.
It is pertinent to note that some of the pending payments are due to the reluctance of marketers to reconcile their claims, despite the Authority’s continuous appeal to come for reconciliation whenever there are discrepancies.
“Furthermore, we wish to assure the public that NNPC has sufficient PMS to last over 47 days, translating to about 2.65 billion liters, therefore there is no need to panic as the current situation is being experienced in some parts of the country will soon stabilize.
“To address this, 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 to meet increased demand.
“We wish to state that the Authority remains committed to honour and process legitimate and verified bridging claims to ensure product availability nationwide, the statement concluded.
