fuel queue
fuel queue

Federal government’s effort to ease importation of refined petroleum product (Premium Motor Spirit, PMS) by increasing pump price of petrol to N145 per litre may not yield the desired result as marketers have started complaining about inadequate foreign exchange to meet their financial obligations to creditors.
The sad development, if not resolved may subject Nigerians to continuous hardship as petroleum marketers would be unable to import sufficient PMS to meet the country’s need.
In a move to resolve this impasse, Depot Petroleum Product Marketers Association, led by its chairman, Mr. Dapo Abiodun, yesterday in Abuja met with the Minister of Finance, Mrs. Kemi Adeosun, to work out modalities for bringing the situation to normalcy.
Although, Mr. Abiodun commended the federal government’s increment of the pump price of petrol to N145 per litre as a deft move capable of ensuring steady supply of the product, he lamented that the N41.4 billion paid to members of the association by the government is still lying idle in the bank because the Central Bank of Nigeria, CBN, has not been able to source its dollars equivalent.
As a result of this, he pointed out that the petroleum products marketers who received this money have not been able to meet their financial obligations to the creditors, thereby impairing more business transactions.
He called on the federal government to assist by urging the CBN to convert the naira to the desired foreign currencies to enable the product marketers continue their businesses.
Mr. Abiodun expressed worries that continuous keeping of the money in their various bank accounts without getting foreign exchange on time may compound their problems due to the differentials in forex.
Already, who was accompanied in the visit by chief executive officers of many downstream petroleum companies stressed that they were unable to pay their foreign creditors because of the paucity of forex.
The minister of finance promised to do everything within her reach to assist the marketers secure forex from the CBN, explaining that though the liabilities to the marketers were inherited by the present administration, her ministry had already put in place mechanism to expedite action on the issue.
Mrs. Adeosun reiterated the federal government’s stance on deregulating the petroleum sector, insisting it was in the best interest of Nigerians and urged the petroleum marketers to key into the government’s vision of making life easy for the citizens by ensuring steady supply of sufficient fuel.

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