The Natural Oil and Gas Supplies Association of Nigeria (NOGASA) has called on the Federal Government to expedite the payment of marketers’ Petroleum Equalization Fund (PEF) to ensure a continuous supply of fuel across the nation.
Benneth Korie, the President of NOGASA, made this appeal during a press conference held in Abuja on Wednesday. He emphasized the importance of PEF to marketers, stating that many of them are currently facing financial constraints that hinder their ability to import refined fuel.
Korie urged NNPC Limited to prioritize the loading of market products that have been duly paid for, at least three months prior to the removal of fuel subsidy. By doing so, it would alleviate the challenges faced by marketers and contribute to a smoother supply chain.
In addition to addressing the issue of delayed payments, Korie highlighted the adverse impact of poor road conditions on the transportation of fuel, leading to product losses. He urged the government to utilize the funds from subsidy removal to improve and repair the nation’s road infrastructure, thereby reducing transportation challenges.
The association expressed its full support for the subsidy removal initiative led by President Bola Ahmed Tinubu. Korie also stressed the need for the government to prioritize the revival of all six government-owned refineries in the country, alongside the forthcoming Dangote Refinery. This, he stated, would ensure a more efficient circulation of fuel and reduce the nation’s reliance on imports.
NOGASA’s plea serves as a reminder of the pressing issues faced by marketers and the importance of adequate support from the government to sustain a steady supply of fuel across Nigeria. By addressing payment delays, improving road infrastructure, and investing in refinery revitalization, the nation can move closer to achieving a more reliable and self-sufficient energy sector.