Nigeria: Forex Scarcity Still Hampers Petrol Importation By Marketers allafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from allafrica.com Daily Mail and Mail on Sunday newspapers.
Peter Uzoho
Marketers of petroleum products have said they are yet to go back to the importation business due to their inability to access foreign exchange.
According to them, sourcing dollars at the official market rate remains a challenge to them due to its scarcity, adding that they could not go to the black market in search of forex because of the cost implication.
This is happening months after the federal government said it had removed petrol subsidy, deregulated the downstream petroleum industry and had given private marketers permission to resume importation of petroleum products
The petroleum marketers including the Major Oil Marketers Association of Nigeria (MOMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) have continued to depend on the Petroleum Products Marketing Company (PPMC), the petrol importing arm of the Nigerian National Petroleum Corporation (NNPC) for th
Daily Post Nigeria
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The IPMAN Chairman in Kano, Alhaji Bashir Dan-Malam gave the directive during a news conference in Kano.
He said the directive followed the reduction of the price by Nigerian National Petroleum Corporation (NNPC) from N153.17 to N148.17 per litre with effect from Monday.
DAILY POST recalls that the Federal Government reduced the price from N168 per litre to N162.44 per litre following dialogue with labour.
He noted that the marketers have no option than to also reduce the price of the commodity at their filling stations since the Federal Government had reduced N5.
He said: “I am therefore directing our members in the Kano zone to commence the sale of the commodity at N162.44 per litre from today in compliance with the government’s directive.
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Good morning! Here is today’s summary from Nigerian Newspapers
1. The Speaker of the Kano State House of Assembly, Abdulaziz Garba Gafasa and the House Majority Leader, Kabiru Hassan Dashi, have resigned their positions.
Member representing Doguwa, Salisu Ibrahim Riruwai, who confirmed the resignation of the duo, said no specific reason has been given for the decisions.
2. The Nigerian Army on Monday night confirmed that 333 students are still missing after suspected bandits attacked Government Science Secondary School, Kankara, Katsina on Friday night and successfully abducted the schoolboys.
Major General John Enenche, the Coordinator of Defence Media Operations, made this known.
Fuel Price: MOMAN, DAPPMAN want full deregulation, forex access
On
By Sebastine Obasi
Major Oil Marketers Association of Nigeria, MOMAN and Depot and Petroleum Products Marketers Association of Nigeria, DAPPMAN, last weekend, called for full deregulation and unfettered access to foreign exchange, FOREX, from the Central Bank of Nigeria to enable them petrol available to every nook and cranny of the country.
This is coming on the heels of the N5 per litre slash in the price of petrol scheduled to take effect from today, Monday, December 14, 2020.
Chairman DAPPMAN, Mrs. Winifred Akpani, said; “the inability to source FOREX from the official CBN FOREX window by independent marketers is continually hindering the effectiveness of the principles of demand and supply market forces to correct the current inefficiencies in the pricing mechanisms adopted in the deregulation process.”