We’re Not getting Forex at N305/$1, Oil Marketers Lament

 The Major Oil Marketers Association of Nigeria has said its members are not getting foreign exchange at N305 to a dollar for the importation of Premium Motor Spirit, also known as petrol. The Nigerian National Petroleum Corporation has been the sole importer of petrol into the country for more than a year as private oil marketers stopped importation due to a shortage of forex and increase in crude oil prices, which were said to have made the landing cost of the product higher than the official pump price of N145 per litre.

The Chief Operating Officer, Downstream, NNPC, Mr Henry Ikem-Obih, had, during a panel discussion on Wednesday at the just-concluded Nigeria Oil and Gas Conference and Exhibition in Abuja, said the forex intervention scheme, which was rolled out by the Central Bank of Nigeria and co-managed by the NNPC had been extremely successful.

“Since that scheme was set up, we have received applications from marketers for $7.2bn worth of forex. In terms of actual disbursement, about 50 per cent of the applications got funding. But the truth is that the forex that came through that scheme, especially for PMS, got potential funding for the majority of the applicants and forex was available to the marketers.

However, applications that came in for AGO, HHK, ATK also got forex at N305. And so, I don’t agree that access to forex is a big issue for marketers,”