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Kachikwu to assist marketers secure foreign exchange to import fuel

20 November 2015, 17:08

Lagos - The Depot and Petroleum Products Marketers Association (DAPPMA) says the Ministry of Petroleum Resources has promised to assist them to secure foreign exchange to import fuel.

The association’s Executive Secretary, Olufemi Adewole, made the disclosure to the News Agency of Nigeria (NAN) on Friday in Lagos.

He said that the intervention was at the instance of the Minister of State for Petroleum Resources, Ibe Kachikwu.

Adewole added that the move would ease importation of petroleum products by oil marketers for the fourth quarter of the year.

According to him, without foreign exchange it would be difficult for marketers to pay their foreign suppliers or initiate new imports for the fourth quarter importation.

Also read: Fuel scarcity bites harder nationwide

He said the marketers had been having difficulty importing fuel because of the non-availability of foreign currency.

"The Minister of State for Petroleum Resources, Kachikwu has promised to intervene in collaboration with the CBN governor to secure
foreign exchange for marketers,’’ he said.

The executive secretary said that members of DAPPMA having the fourth quarter import allocation from Petroleum Products Pricing Regulatory Agency (PPPRA) had commenced the process for import.

He, however, said that not all marketers under DAPPMA were given licence to import in the fourth quarter.

"Although PPPRA has not circulated the list, many of our members who have been participating may have been left out.

"Also very few have been confirmed to have many volumes to import for the fourth quarter,’’ he said.

Adewole said that members of DAPPMA depots had aligned with the Federal Government to ensure that Nigerians buy petrol with ease at government specified rate.



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