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Foreign Exchange Crisis Threatens Third Quarter Fuel Import

There are strong indications that the ongoing foreign exchange crisis in the country is a threat to the petroleum products imports for the third quarter of 2015.

It was learnt that oil marketers and importers are finding it difficult to secure sufficient dollars to execute import transactions of  fuel at the moment.

Executive Secretary, Depot and Petroleum Products Marketers Association (DAPPMAN), Olufemi Adewole, decried the current situation and appealed to the Central Bank of Nigeria to come to the rescue of marketers.

He said: “One serious problem marketers are having now is the scarcity of foreign exchange to conclude product supply transactions. Even with our cash in our bank accounts, we cannot get the required amount of dollars.”

“We need the CBN Governor to intervene as far as the supply of foreign exchange to marketers is concerned. The PPMC is not the only importer of PMS as of today. Some of our members just discharged their cargos. Although we have not been paid, we are optimistic that very soon our members will be paid by the government.

In July, banks CEOs and their oil and gas counterparts said at a Bloomberg roundtable in Lagos that the foreign exchange crisis in the country would have grave implications to the two sectors except drastic action is taken to stem the looming consequences.

 

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