Forex, uncertainty responsible for lack of fuel import by marketers ― PPPRA

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By Michael Eboh

The Petroleum Products Pricing Regulatory Agency, PPPRA, blamed foreign exchange challenges and prevailing uncertainty for the inability of oil marketers to resume fuel import.

Addressing newsmen in Abuja, Executive Secretary of the PPPRA, Mr. Saidu Abdulkadir, explained that the Petroleum Products Marketing Company, PPMC, had been the one announcing the price of petrol over the last few months, because it was within its rights to do so, as one of the oil marketers and a major supplier of the commodity.

Abdulkadir, who was represented by the General Manager, Administration, and Human Resources of the PPPRA, Mr. Victor Shidok, stated that because of the difficulties in accessing foreign exchange by oil marketers, the PPMC is currently the sole importer of the commodity into the country, and announces the prices at which it sells the commodity to oil marketers.

You know the role that foreign exchange plays with the sourcing of PMS. When you are not producing and earning foreign exchange as you ought to do, then there would be pressure on the little that you have. That is why you see the galloping foreign exchange. We did not expect it would remain like that forever; that is why the government is doing all it can and in the near future, we would begin to see an improvement in the value of the naira.

“Secondly, we believe marketers are still studying the market before they come in fully to resume fuel import. There is also skepticism whenever a new policy is being put up. We do not envisage that the exchange rate would remain at the rate at which it currently is,” he assured.

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