New to site?


Lost password? (X)

Already have an account?



Forex: We won’t join issues with NNPC – IPMAN

HomeNewsForex: We won’t join issues with NNPC – IPMAN
Forex: We won’t join issues with NNPC – IPMAN
  • Author
  • Comments
  • Category

Oil marketers, under the aegis of independent Petroleum Marketers Association of Nigeria, IPMAN, have said they would not join issues with the Nigerian National Petroleum Corporation, NNPC.

The NNPC had alleged that oil marketers had rejected foreign exchange made available to them in order to sell petrol above the stipulated price of N145 per litre.

IPMAN’s assertion followed the statement made by the Group General Manager, Crude Oil Marketing, NNPC, Mr. Mele Kyari at this year’s Oil Trading and Logistics Expo, OTL, last week in Lagos.

Kyari had accused marketers of rejecting foreign exchange allocated to them to import petroleum products as a protest against the sale of petrol at the stipulated price of N145 per litre.

Kyari had said: “There is no way today you take products to retail and sell at N145. It is not possible today.

“It is not FX. We have created a niche market for the FX. I am part of the committee allocating FX. We gave FX. It is rejected. The reason being given is that FX is not enough to import. The truth is that, that is not the truth.

“The truth is that marketers go back to the market and land it here, that you are required to sell it at N145 maximum. I am sure they won’t make it. We won’t let you do it today. That is the main reason people are not importing today. It is not FX.” Kyari further explained that Nigeria was still in a subsidy regime, as the NNPC takes the bulk of importation to ensure that petrol is sold at the official rate of N145 per litre.

However, IPMAN Chairman, Mr. Lawson Obasi, said the association would not like to join issues with NNPC on the matter.

He said: “I will not like to join issues with NNPC on this matter. I was at that event. I am yet to get a grasp of what Mr Kyari said.”

It was learnt that some tank farms have not had petrol for some time now, thereby exerting a lot of pressure on the few with the product. Consequently, tankers have virtually taken over Mile 2 – Apapa expressway, causing heavy traffic jam in the bid to get the product.

Related Posts