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Major Oil Marketers Seek FOREX For Fuel Import Ahead Of Xmas

Major oil marketers operating under the aegis of Major Oil Marketers Association of Nigeria (MOMAN), have called on the relevant authorities to make foreign exchange accessible to its members to enable them import petroleum products into the country in preparation for the end of the year festivities, which usually attract heavy vehicular traffic across the country,

Therefore, to forestall any form of shortage in supply and distribution, the marketers have asked government to make the necessary plans now to halt the annual ritual of product outages during the upcoming festive period by empowering marketers and importers with the required foreign exchange to stock pile products in the country well ahead of the Christmas and New Year festivities.

The in a communique issued after a meeting of chief executives of major marketer at which it reviewed the sector, the association further drew attention of the authority to product situation during the winter months which coincide with reduced output of Premium Motor Spirit, PMS also called petrol.

The chief executives observed increased activities of motorists in Nigeria during such festive periods. According to the communique signed by Thomas Obafemi Olawore, Executive Secretary/CEO of MOMAN, “In order for the private sector to continue to play their role in the importation of PMS the Dollar/Naira parity should stay at a level that will ensure that the open market price band of N135 – N145 is maintained.

This is especially so because the CIF price of petrol is rising in the international market. Today it is approximately $548 per ton. They also commended the present level of supply, adding, “It is a statement of fact that there is serenity in the supply of petroleum situation in the country and appreciation must be given to the Ministry of Petroleum Resources, the NNPC and all other stakeholders including transporters, dealers and OMCs”.

“We note that there are some few glitches here and there and we call on the regulatory agencies to face these challenges with a view to nipping all nefarious activities associated with supply and distribution in the bud. Unknown to the general public, the private sector has depended on foreign exchange supplied into the system by the IOCs through the intervention of the Hon. Minister of State Petroleum Resources”.

About Editor

Otunba Sayo Akintola is a 1992 graduate of Linguistics from the University of Ibadan, Oyo State. He holds a post-graduate diploma in Financial Management and MBA from Abubakar Tafawa Balewa University, Bauchi. He started his 12-year sojourn in journalism at the Nigerian Tribune in 1993 as Business and Economy reporter. He rose through the ranks to become the Group Business Editor of the nation’s oldest surviving private national newspaper, the Nigerian Tribune. He set up World Street Journal magazine in 2018.

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