Releasing forex to oil marketers will end fuel scarcity, says NUPENG boss

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THE decision by the Central Bank of Nigeria to partner the Nigerian National Petroleum Corporation in sourcing for foreign exchange for oil marketers has been described as a good measure that would solve the lingering fuel scarcity in the country.
South-West Chairman of the Nigerian Union of Petroleum and Natural Gas Workers, Alhaji

Tokunbo Korodo said this recently during a telephone conversation with National Daily.
According to Korodo, most oil marketers cannot import petrol into the country because they could not access foreign exchange. He said that most oil depots in the country depended on what NNPC pumped into their depots for distribution to tanker drivers.
Korodo said that this system had led to concentration of petroleum tankers in private depots, adding that this had resulted to gridlocks. According to him, the gridlock at the depots results in the drivers spending close to 10 days before getting the product.

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“The only solution to the present scarcity of fuel is for the CBN to assist the oil marketers in accessing forex to commence importation of petrol. NNPC, which at present, is the sole importer cannot distribute nationwide but private depots through their depots can do it better.

Korodo explained that getting the Forex for oil marketers will go a long way to maintain steady supply. He said that the nation would need regular supply of petrol to filling stations to eliminate the present fuel scarcity.

The NUPENG boss urged the NNPC to urgently source for foreign exchange for the oil marketers so that they could commerce steady importation of petrol, and by so doing put an end to the lingering fuel scarcity.

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