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Censor monitoring of petroleum product supply to commence before year end – PEF

Censor monitoring of petroleum product supply to commence before year end – PEF

Executive Secretary of the Petroleum Equalisation Fund (PEF), Ahmed Bobboi, on Tuesday said the agency was intensifying efforts to ensure its censor monitoring technology programme commenced before the end of 2019.
The censor monitoring technology programme is to ensure installation of technology and monitoring of petroleum products movement across Nigeria, while also establishing the actual figures of internally consumed litres of petroleum products in the country.

“The project of censor monitoring, which was approved by the Federal Executive Council in August 2018, is supposed to run for three years. Work has already started. Some of the ICT equipment to be utilised for the venture is being produced now.

“The essence of the censor monitoring is that it would enable PEF track refined petroleum products movement from the point of Letters of Credit opening from the vessels that come into Nigeria, until the point where they are discharged into tanks in Nigeria,” Bobboi said.

Speaking at a media interaction in Abuja, the executive secretary assured, “Before the end of this year, we will begin to see the landmark effects of the censor monitoring tracking our petroleum products across the country and ensuring we pay appropriate cost‎ since there is currently no established figure on consumed litres of fuel across the country.”

‎He pointed out further that the agency was driving the process of the censor monitoring of petroleum products to enable it advance in its equalisation and bridging programme that sustains price stability in the country, as well as enable the National Bureau of statistics and the federal Road safety, the Central Bank of Nigeria advance their statististical works accurately on planning accordingly.

Meanwhile, the executive secretary informed of the agency’s plan to ensure equalisation of the Liquefied Petroleum Gas‎, LPG in the country which is key in ensuring more Nigerians use gas which is a way of ensuring clean technology advancement which would address further desert encouragement, while also addressing wider concerns of climate change.

The Executive Secretary also informed that the railway equalisation is being considered to ensure Petroleum products are moved through the rail thereby de-congesting the Apapa port, said the plan is put on hold because of the Federal Government’s plan of divesting the ‎rail sector.