Challenges for PMS importers: $1.8 billion monthly forex needed. Pump price based on ₦650/$ exchange rate. Daily consumption exceeds 60 million litres. Marketers seek import licenses.
Importers of premium motor spirit will need about $1.8 billion monthly to meet import foreign exchange need as the government has put the exchange rate used for computing the current pump price at N650/$.•NOGASA: No money to import NNPC, NMDPRA owe us
The meeting, which brought together the NNPCL, Major Oil Marketers Association of Nigeria and the Depot and Petroleum Marketers Association of Nigeria , Ahmed said, was aimed at addressing the concerns in the subsidy removal in the country. Ahmed disclosed that the marketers agreed that NNPCL would continue to import until more operators can bring in the white products to prevent a shortage.
Ahmed pledged his commitment to transparency in the importation of PMS, adding that marketers would be granted licenses as long as they meet the requirements of the PIA. President of the association, Bennett Korie, at a press conference said although the marketers were in support of subsidy removal, all is not well in the sector.
Earlier this week, NNPCL Retail had in a circular directed marketers to either consider merging their old orders or apply for a refund.
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