FEC approves N17bn funding for Oil & Gas technology scheme

… PEF gadget to detect trucks diverting products
In desperate effort to end the causes of artificial fuel scarcity, Federal Executive Council (FEC) has approved the installation of technology monitoring schemes and structures under the Petroleum Equalisation Fund (PEF) for N17 billion.

Minister of State for Petroleum Resources, Ibe Kachikwu, disclosed this while briefing correspondents after the Federal Executive Council (FEC) presided over by the Acting President, Yemi Osinbajo, on Wednesday in Abuja.

He said that the deployment of the automated fuel system management and censor network would ensure 100 per cent tracking and monitoring of petroleum products.