Fuel scarcity looms in Nigeria as marketers stop importation | Nigeria News Today. Your online Nigerian Newspaper f

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Many Nigerians may be in for a round of fuel scarcity this new year, as marketers have stopped importation of the product.



Marketers under the aegis of Depot and Petroleum Products Marketers Association (DAPPMA) said that the N660 billion debt owed them by the Federal Government for products already imported, coupled with interest on bank loans had been their major hindrance to petroleum importation.

According to the Executive Secretary, Mr Olufemi Adewole, most marketers had stopped importing fuel due to government’s refusal to pay outstanding debt owed. “The inability to pay or service the loans has not only stalled further importation of fuel but is threatening the operation of the affected banks and the nation’s financial industry at large.

“Foreign exchange remains another big challenge. We don’t have forex to import the product. For now landing cost on petrol stands at about N145 due to high forex rate which poses serious concern for marketers as regards the price to sell the product,” he said.

According to Adewole, most marketers now depend on the Nigerian National Petroleum Corporation, NNPC, for imported petrol. “We now buy from NNPC and our selling price will depend on the price given to us. The huge debt owed marketers had eroded our operating fund. We are appealing to government to urgently pay our outstanding debt which is long overdue.

“Our banks are threatening to debit our accounts at the foreign exchange rate of N360 per dollar, as against N197 per dollar that government approved for marketers. This means that we are the ones subsidizing the imports. “If government fails to address these lingering challenges on price differential, it is not only marketers that will go down, the banks will also collapse because our exposure to banks is in excess of 1.95 billion dollars,” Adewole said.

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  1. Your news items are far from being credible...time will reveal your dark agenda!

    ReplyDelete
  2. The present dilemma the Nigerian people are going through were created by the greed drive of PDP,the conspiracies of trade unions and Nigerian labour Congress,coupled with some foreign countries who take advantage of chaotic environments to excel,the nefarious activities of journalists,the half-bakedindolent unintelligent,indolent and unintelligent workforce produced by incompetent university lecturers land the general dishonest nature of most Nigerians rooted in ecthnic and religious bias.

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    Replies
    1. Bros it is Lai ike you no de naija and na people like una go de drown and will be day dreaming
      It is no longer about party but about bad economic situation and the suffering and starving masses. Ode! Olosi!

      Delete
  3. To me I see all these marketers as fraudulent people. The FG should not pay them anything. They should hold PDP plus that dummy otueke man Jonatan responsible.

    ReplyDelete
  4. Nigerians are so polarized and disoriented along ethnic line that they have refused to understand that the Government of the day is grossly incompetent.even with the indices on ground,people still doubt the reason presented above.its just easy to engage into insults and name calling rather than see reasons in other people opinion.The effect of this present will be more catastrophic in the next 10-40yrs,what they have succeeded in doing is to rewire the brains of the youth,they have conditioned their brains to fight one another instead of uniting to demand for a good governance and accountability.The politicians have so destroyed the youths to the extent that its practically impossible for any intelligent or first class Nigerian youth from a poor family to become a Millionaire or an inventor in the present Nigeria.its a pity.

    ReplyDelete

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