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As part of measures to alleviate the crippling fuel scarcity in the country, petroleum marketers in the country may be granted a special foreign exchange rate in order to import fuel into the country.

National Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Danladi Pasali, hinted at this on the sidelines of deliberations by a committee set up to find a solution to the crisis.

“That FX will help checkmate the cost of bringing in product.With all these measures taken, we can assure the general public that there will be surplus petroleum product.”

Nigeria has been in the throes of a fuel crisis that left many unable to travel for new year festivities, and all parties involved passing the buck. President Muhammadu Buhari in his New Year address to the nation, blamed the situation on sabotage and promised to get  to the root of it.  The Senate has also mandated its committee on upstream to investigate the events that led to the scarcity.

The blame game before this

The NNPC, DAPPMA and IPMAN had been caught up in a blame game in a bid to avoid taking the fall. While the NNPC insists it has supplied petroleum products to independent marketers. The marketers have accused the NNPC of owing them products.

Why are the marketers being given a special rate ? 

The rate will enable the marketers bring in products, and sell at N145 per litre.  . The NNPC had been the sole importer of petrol into the country as the marketers were unwilling  to bring in products at the current landing price of N171. NNPC GMD Maikanti Baru had indicated the willingness of the government to maintain the current pump prices.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com