They also claimed that the Nigerian National Petroleum Corporation had not promptly signed agreements to exchange crude oil for fuel.
Similarly, the fuel marketers said that the inability to access adequate foreign exchange from the banks was hampering fuel importation.
Already, fuel queues by motorists and other people have surfaced in some parts of Lagos and other cities.
The NNPC had recently increased its direct petrol imports to more than 70 per cent of the country’s needs, leaving the private importers with less than 30 per cent.
The Executive Secretary, MOMAN, Mr. Obafemi Olawore, in a telephone interview, said, “Foreign exchange is the issue everybody is facing. We are unable to access enough forex at the same time. We accumulate over a period of time. Now, the commercial banks are giving us in trickles.”
As explained by the NNPC, the reason why they took a higher percentage (of fuel importation) was that its access to forex was flexible, he said.
“The NNPC alone, even if it can bring in everything, doesn’t have where to discharge it. So, even if the supply is enough, distribution will pose as a challenge.”
When contacted for comment on the issue of forex scarcity, The Director, Corporate Communications Department, CBN, Ibrahim Mu’azu, who noted that forex inflow had reduced, said, “The position of the CBN is to give them (marketers) priority on access and that has been made over time.
culled from IMOH EDET
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