The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said it will continue to honour and process claims for bridging of Premium Motor Spirit (PMS) to ensure product availability nationwide.
The Authority Chief Executive of NMDPRA, Mr Farouk Ahmed, said on Thursday in Abuja when delegates from the National Association of Road Transport Owners (NARTO) paid a courtesy call on the Management Team of the Authority.
Ahmed said that the signing of the Petroleum Industry Act (PIA, 2021) which led to the creation of NMDPRA may have raised some uncertainty on the continuation of the bridging scheme; whether or not bridging funds would continue to be paid to beneficiaries.
He further noted that NARTO as well as other stakeholders should not panic because all verified bridging obligations will be honoured and paid by the Authority.
The National President, NARTO, Alhaji Yusuf Othman, earlier informed the NMDPRA of the outstanding payments being owed its members by the Federal Government.
He expressed concern over the fact that some members were losing interest in the business of transporting PMS, which according to him, was no longer profitable.
To this end, he made an appeal for the upward review of the bridging funds on the pricing template.
He urged Government to put in place policies that will not only address the current dwindling returns on investment but will in addition, stimulate investment in the transportation and logistics of petroleum products in the country.
Mr Ogbugo Ukoha, Executive Director, Distributions System, Storage and Retail Infrastructure, NMDPRA, also urged NARTO to continue being patriotic and ensure that it played its part in ensuring PMS availability throughout yuletide period, regardless of its current challenges.