The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Thursday assured worried transporters that payment for petrol bridging costs will not cease, despite the nonexistent Petroleum Equalization Fund that hitherto handled it.
It said it would continue to honour and process claims for bridging of PMS to ensure product availability nationwide. Its Chief Executive, NMDPRA, Farouk Ahmed, gave the assurance in Abuja when delegates from the National Association of Road Transport Owners (NARTO) paid a courtesy call on the management of the Authority.
According to Ahmed, the Authority was aware of the fact that the signing of the Petroleum Industry Act (PIA, 2021), leading to the creation of the NMDPRA, may have raised some uncertainty on the continuation of the bridging scheme; whether or not bridging funds will continue to be paid to beneficiaries.
He explained that NARTO, as well as other stakeholders, should not panic because all verified bridging obligations would be honoured and paid by the Authority. NARTO National President, Yusuf Lawal 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.