Report revealed that the, Federal Government on Wednesday assured Nigerians that the current petrol scarcity being experienced in many parts of the country would be over before the end of the week.
The Minister of Finance, Dr. Ngozi Okonjo-Iweala, stated this shortly after meeting with members of the Major Oil Marketers Association of Nigeria.
The meeting, held at the headquarters of the Federal Ministry of Finance in Abuja, was also attended by the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, representatives of the Petroleum Products Pricing Regulatory Agency and depot owners.
The minister said all the contentious issues with the marketers such as the foreign exchange rate differentials and payment of subsidy arrears had been addressed by the Federal Government.
She said while the details of the payment of the exchange rate differentials had been agreed, the government was already in the process of offsetting the N185bn debt owed the marketers with the issuance of the Sovereign Debt Note.
Okonjo-Iweala said, “In the next few days, the queues will dissipate; the situation will be addressed and everything will return to normal.
“At the Federal Executive Council meeting today, the issue was discussed in terms of pushing forward and making sure that things get back to normal.”
She said while briefing State House correspondents after the weekly Federal Executive Council meeting that after proper briefings on the causes of the current scarcity of petrol and solutions, President Goodluck Jonathan gave specific instructions on how to deal with the matter because he wanted prompt and quick action to improve the situation as fast as possible.
She concluded that the scarcity was caused by a number of factors, including the depreciation of the naira.