The Petroleum Equalisation Fund Management Board (PEFMB) on Friday said it had commenced monitoring distribution of petroleum products electronically across the country from April.
Mr Goddy Nnadi, the General Manager (Customer Services) in PEFMB, told the News Agency of Nigeria (NAN) in Lagos that the project tagged ``Project Aquila’’, started with about 10,000 trucks in most depots.
Nnadi said that the Board would give priority to marketers who had keyed into the project in terms of payment.
“We have commenced the project across the country last week, although the pilot scheme commenced since March last year.
“Our objective is to ascertain the number of trucks adequately bridging petroleum products so as to determine payment through electronic devices,’’ he said.
Nnadi said that the agency had trained and deployed its officials to more than 50 depots operated by the PEFMB to implement the project.
“All our partners, especially tanker owners and operators are registering and tagging their vehicles,'' Nnadi said.
He said that the project would entail using the latest Radio Frequency Identification (RFID) tag which would be administered by credible companies at no cost to operators.
Nnadi said that the new electronic solution would bring more efficiency and effectiveness in determining the volume of petroleum products bridged across the country and this would also facilitate payments.
“The new project is expected to enhance monitoring of distribution of petroleum products and speed up processing and payments of marketers’ claims.
“Project Aquila will bring about speed, efficiency, transparency and accuracy in products movement and claims settlement.
“In the past, processing of claims was done manually with the physical movement of files from one location to another, causing delays and this impacted on the marketers’ businesses adversely,'' he said.
Nnadi said that movement of petroleum products were not monitored in the past, thereby making it difficult to either confirm or certify deliveries at designated depot areas.
“The new solution will result in faster processing of claims, faster payment, transparency and easy release of funds to support marketers.
“Aquila is a Latin word for eagle, a bird renowned for its strength, speed and swiftness,” Nnadi said.