Dollar scarcity threatens fuel importation

 The scarcity of foreign exchange, especially the dollar, is currently threatening import contracts for Premium Motor Spirit (otherwise called petrol).

Marketers of petroleum products are now finding it difficult to get dollars to finance import transactions; even with the naira equivalent readily available.

The Executive Secretary, Depot and Petroleum Products Marketers Association, Mr. Olufemi Adewole 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.”

One of the marketers, who also confirmed this to our correspondent but pleaded to speak on condition of anonymity, said a single supply transaction required

millions of dollars.
He said, “With the situation on the ground, we are limited to getting just $1m per week after so much pressure.
The Chairman, Nigeria Union of Petroleum and Natural Gas Workers, Lagos Zone, Alhaji Tokunbo Korodo, had told our correspondent that operations in the downstream sub-sector were currently beclouded with uncertainties owing to political indifference. (s:punchng)