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Nigeria: 'Forex Scarcity Still Hampers Petrol Importation By Marketers'

'Forex Scarcity Still Hampers Petrol Importation by Marketers'

Peter Uzoho Marketers of petroleum products have said they are yet to go back to the importation business due to their inability to access foreign exchange. According to them, sourcing dollars at the official market rate remains a challenge to them due to its scarcity, adding that they could not go to the black market in search of forex because of the cost implication. This is happening months after the federal government said it had removed petrol subsidy, deregulated the downstream petroleum industry and had given private marketers permission to resume importation of petroleum products The petroleum marketers including the Major Oil Marketers Association of Nigeria (MOMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) have continued to depend on the Petroleum Products Marketing Company (PPMC), the petrol importing arm of the Nigerian National Petroleum Corporation (NNPC) for th

Fuel Price: MOMAN, DAPPMAN want full deregulation, forex access

Fuel Price: MOMAN, DAPPMAN want full deregulation, forex access On By Sebastine Obasi Major Oil Marketers Association of Nigeria, MOMAN and Depot and Petroleum Products Marketers Association of Nigeria, DAPPMAN, last weekend, called for full deregulation and unfettered access to foreign exchange, FOREX, from the Central Bank of Nigeria to enable them petrol available to every nook and cranny of the country. This is coming on the heels of the N5 per litre slash in the price of petrol scheduled to take effect from today, Monday, December 14, 2020. Chairman DAPPMAN, Mrs. Winifred Akpani, said; “the inability to source FOREX from the official CBN FOREX window by independent marketers is continually hindering the effectiveness of the principles of demand and supply market forces to correct the current inefficiencies in the pricing mechanisms adopted in the deregulation process.”

Oil and Gas stakeholders ask government to grant access to CBN FOREX market and importation of petroleum products