SCARCITY: FG Moves To Ensure N97 Fuel Price In Riverine Areas

The Federal Government has moved to ensure the sale of fuel at N97 per litre in coastal areas through the bridging of supply.
This was made known on Wednesday by the Petroleum Equalisation Fund in Abuja, the News Agency of Nigeria reports.
The General Manager, Corporate Services, PEF, Mr. Goddy Nnadi, told NAN that the agency had already put in place the necessary machinery for the smooth take off of the scheme.
“The scheme will take off very soon, as we are finalising the details of the operations with other stakeholders.

The Federal Government has moved to ensure the sale of fuel at N97 per litre in coastal areas through the bridging of supply.
This was made known on Wednesday by the Petroleum Equalisation Fund in Abuja, the News Agency of Nigeria reports.
The General Manager, Corporate Services, PEF, Mr. Goddy Nnadi, told NAN that the agency had already put in place the necessary machinery for the smooth take off of the scheme.
“The scheme will take off very soon, as we are finalising the details of the operations with other stakeholders.
“The scheme, which entails the payment of bridging claims (transport) to marketers who convey the product to the coastal areas of the Niger Delta, is aimed at forcing down the price of the product,” he said.
The general manager said the fund had put in place the machinery to determine the cost of transporting the product from the hinterland to the coastal areas and the mode of payment to the marketers.
He also said the fund was working with the NNPC to fast-track the operations of its mega stations in the Niger Delta region.
Nnadi reiterated the fund’s determination to alleviate the sufferings of residents of the coastal areas, and expressed optimism that the high cost of fuel in the area would be reduced at soon as the bridging scheme was inaugurated.
Meanwhile, NAN reports that while a litre of petrol officially sells for N97, it goes for over N300 in most coastal areas of the Niger Delta as a result of logistic challenges.
The PEF Riverine Bridging Scheme has been in the pipeline for years due to delay in its implementation.