FG orders payment of N150 bn subsidy claims to marketers

The presidency on Tuesday ordered the immediate payment of the N150 billion outstanding subsidy claims owed petroleum products marketers, Premium Times reports.

The order came as the rising cost of fuel importation, pending debts and forex issues had caused major and independent petroleum marketers to abandon the importation of petroleum products for the Nigerian National Petroleum Corporation (NNPC), which accounts for more than 60 per cent of the total national stock.

It also came amid speculations that government was considering increasing fuel price in the country in the face of rising fuel importation and distribution costs, as the Board of the Petroleum Products Pricing Regulatory Agency (PPPRA), was scheduled to meet on Thursday to review the existing petroleum products pricing template fundamentals, among other issues.