Thanks to Nigeria’s Senate, oil marketers have agreed to commence lifting and distribution of petroleum products with immediate effect.

The marketers on Monday met with members of the Senate during which an agreement was reached.

Minister of Finance, Dr. Ngozi Okonjo-Iweala, signed the agreement on behalf of the Nigerian Government.

Consequently, the marketers having been assured that the outstanding subsidy claims would be transferred to the incoming Muhammadu Buahri’s administration have directed the tankers drivers to commence immediate lifting of fuel.

They also assured that petroleum products would be available across the country within six hours

Announcing the resolution at the end of the meeting, the Chairman of the Senate Committee on Downstream, Magnus Abe, said that the Department of Petroleum Resources would immediately revoke the license of any oil marketer that refuses to lift petroleum products.

“ We have agreed on the following first is that the Minister of Finance will give an undertaking to the Major Marketers and Depot Managers that the work of the committee being headed by the CBN and PPPR, on the outstanding claims, would be concluded and be reflected in the hand over notes to the incoming administration,” Abe said.

The decision to stop lifting of oil has paralyzed virtually every sectors of the nation’s economy.

In the aviation sector, flights are being cancelled in the last three days owing to non-availability of aviation fuel.

Also, many banks have announced early closure due to fuel scarcity while some telecommunications companies have warned of possible suspension of voice and data services across their networks.

In the last few days, a litre of petrol has been selling for an average of N200 as against the official price of N87 per litre.