PEF To Reduce Fuel Costs In Riverine Areas

The Petroleum Equalisation Fund (PEF) will soon begin to bridge fuel supply to the coastal areas in order to reduce the high cost of the product.

The General Manager, Corporate Services of the organisation, Mr Goddy Nnadi, disclosed this in an interview with newsmen on Wednesday in Abuja.

He said the fund 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.’’

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.