The Minister of State for Petroleum Resources, Timipre Sylva, yesterday moved to resolve conflicts in the roles of the Department of Petroleum Resources and the Petroleum Equalization Fund regarding the tracking of petroleum products from source to destination.
Sylva, who was briefed at his office in Abuja by the agencies, said he was of the impression that it is the DPR that has the mandate to track petroleum products from source to destination while the Petroleum Equalization Fund is to concern itself with paying equalization.
According to a statement by the spokesman of the ministry, Olujimi Oyetomi, the minister therefore stopped the presentation being made by PEF on tracking until he could get a better briefing on the issue.
Daily Trust had reported how controversy was trailing the federal government’s approval of N17 billion to be spent on a technology that would track movement of refined petroleum products.
The new technology is being implemented and supervised by the Petroleum Equalisation Fund, an intervention agency experts said, has overstayed its functions with the failure of the equalization scheme.