'So, NNPC has assured of supply and also the marketers have expressed their concerns about the availability of foreign exchange to also import and sell at the price,' Mr Ahmed said.
"So, NNPC has assured of supply and also the marketers have expressed their concerns about the availability of foreign exchange to also import and sell at the price," Mr Ahmed said.The Nigerian Midstream and Downstream Petroleum Regulatory Authority and other relevant organisations in the oil sector on Monday moved to resolve the major challenges faced in the importation and distribution of petroleum products across the country.
“We had very robust discussions and they expressed their concerns and also areas where we can support both the marketers and transporters to ensure that there is flow of petrol products across the country. So, NNPC has assured of supply and also the marketers have expressed their concerns about the availability of foreign exchange in order to also import and sell at the price,” Mr Ahmed said.
“We have been discussing with the government and if you must have observed that a lot of work is going on within the CBN in terms of their internal restructuring which will make available the dollar as soon as everything stabilizes. “The government has promised to resolve some of the issues for us, bearing in mind that we just transited from a regulated market to a deregulated market. We expect some of these issues to come but the most important thing is the willingness of all of us as stakeholders to resolve the problem.
“We are looking at ways to resolve these issues. We at NNPC will continue to make sure that supply is there and we will also support the industry,” he said. Clement Isong, the Executive Secretary, Major Oil Marketers Association of Nigeria, , said it was important for the challenges to be brought to the regulator, noting that “we are having challenges in terms of the inevitability of forex and the illiquidity of the I & E window.”President Tinubu had announced the removal of fuel subsidy in his inaugural speech on 29 May.
Mr Kyari noted that with the deregulation of the oil sector, market realities would force the price of petrol up sometimes and at other times force it down. “We repeat, the president affirms that there will be no increase in the pump price of petroleum motor spirit.” “The government has to come clean. In reality today, there is subsidy because as of when the earlier price was determined, the price of crude in the international market was somewhere around less than $80 a barrel. But today, it has moved to about $93/94 per barrel for Brent crude. So, because it has moved, then the price also needed to move,” Mr Osifo said.
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