Skip to main content

No forex to import petrol, oil marketers tell govt


Oil marketers on Friday in Abuja called on the Federal Government to assist them in making foreign exchange available for the importation of petroluem products. 

 The marketers, under the umbrella of the Depot and Petroleum Products Marketers Association of Nigeria (DPPMAN), made the plea during a meeting with the Minister of Finance held at the headquarters of the ministry.

 The meeting, chaired by the minister, was attended by Chief Executive Officers of 46 major oil companies in the country. It was held to discuss salient issues affecting the downstream sector of the petroleum industry.


 The Chairman of DAPPMAN, Mr Dapo Abiodun, told the minister that members of the association were currently having a tough time converting some of the Naira payments made by the government to dollars. 

 He said their inability to convert these payments from the Federal Government from Naira to dollar was making it difficult for them to meet their obligations to their foreign partners. 

 He said while the oil marketers would continue to do their best in importing petroleum products into the country, the unavailability of foreign exchange might make it challenging to achieve such objective. 

The Federal Government had paid the oil marketers N48.2 billion minus Value Added Tax as the arrears of outstanding 2015 subsidy claims. 

The amount, according to the Federal Ministry of Finance, is to enable them to import petroleum products and meet up their other financial needs. Abiodun said except the Central Bank of Nigeria provided foreign exchange to oil marketers, the payment made by the government for fuel imports would continue to sit in their Naira accounts.

 “We want to thank you for the recent payment of about N42 billion but we want to emphasise the fact that this Naira payment will continue to sit in our banks.” 

“We look forward to dialoguing with you as to how you can help us expedite the sourcing of foreign exchange to liquidate our exposures to our foreign bankers that we have line of credit with. 

 “We are very worried about going into a new dynamics in which marketers are now going to be sourcing forex at the rate that they can find, which we have approximated to around N285 to a dollar. “We believe that it is a quick fix solution to all the epileptic supply of petroleum products in the county.

 “However, we still have this Naira sitting in our account from previous transactions and we are worried that if anything happens to the rate of exchange officially, we are going to be caught in between. 

 “We do not want to come back to you to ask for foreign exchange differentials which issue we still have pending from previous transactions,” he said. 

 The Minister of Finance, Mrs Kemi Adeosun, said the payment recently released by the government to the oil marketers was one of the liabilities inherited by the current administration. 

  She said the government would continue to do what it could to ensure availability of petroleum products in the county. She expressed optimism that the reforms currently being implemented in the oil sector would restore confidence in the market.

Comments

Popular posts from this blog

5 must-dos for SEO novices

5 must-dos for SEO novices 




In case you're new to SEO, or on the off chance that it isn't your essential concentration, you may disregard strategies that will truly move the needle. Donor Jordan Kasteler traces 5 things you ought to do and shares instruments to enable you to achieve these errands. 
You may dissent, yet I see Search Engine Optimization as both a workmanship and a science. You should be imaginative in your ways to deal with please web crawlers and outmaneuver contenders while additionally applying strong research and examination based techniques. 
To do this, you have to utilize an assortment of procedures and apparatuses. Lamentably, be that as it may, a great many people tend to stick to what they know. That can be unsafe in the quickly developing SEO space, as the web crawlers constantly alter what they're searching for and how they show comes about. 
Following are a portion of the critical — yet in some cases overlooked — levers you can draw to upgrade y…

Article Directory Mega List

This is a list of working article directories that have produced results for me. It took me almost a year to research and join all of these directories! 
You will also find that there are a lot of niche specific directories which can be a good source of traffic. You can use the submitter that comes with this report to submit to all of these directories and you will get massive backlinks and propel your articles to the top of the search engines! It will take some time, however, to join them all and set them up in the submitter. A lot of them are already in the submitter's database, but you will need to add many of them. 

However, the time it takes to do this will pay off in the end. 
Directory List  Ezine Articles - http://ezinearticles.com 
Go Articles - http://goarticles.com 
Articles Base - http://articlesbase.com 
Article Snatch - http://articlesnatch.com 
Buzzle - http://buzzle.com 
Pub Articles - http://pubarticles.com 
Amazines - http://amazines.com 
Dashboard - http://artic…

Buying Triggers: 100 Mind-Altering Selling Tools!

This publication is designed to provide accurate and authoritative information with regard to the subject matter covered. It is sold with the understanding that the author, and the publisher is not engaged in rendering legal, accounting, or other professional advice. If legal advice or other professional assistance is required, the services of a competent professional should be sought. Larry Dotson and L.D. Publishing does not accept any responsibility for any liabilities resulting from the actions of any parties involved.
Note: This is not a free ebook. It is for your own use. Don't give it away to others.
1 Tell your target audience you were in their current position. Next, tell them how your product pulled you out of that position. For example, you could say in your ad copy, "Don't worry, I used to be just like you. I was way over my head in debt. But I decided to create a financial formula so no one else would ever go through all the pain and humiliation of bankruptcy…