Fuel Marketers stops Importation, Result to Fuel Scarcity in Nigeria

Nigerians may be in for a round of fuel scarcity this new year, as marketers have stopped importation of the product.

Marketers under the aegis of Depot and Petroleum Products Marketers Association (DAPPMA) said that the N660 billion debt owed them by the Federal Government for products already imported, coupled with interest on bank loans had been their major hindrance to petroleum importation. According to the Executive Secretary, Mr Olufemi Adewole, most marketers had stopped importing fuel due to government’s refusal to pay outstanding debt owed.

“The inability to pay or service the loans has not only stalled further importation of fuel but is threatening the operation of the affected banks and the nation’s financial industry at large.  

NIGERIANS may be in for a round of fuel scarcity this new year, as marketers have stopped importation of the product. Marketers under the aegis of Depot and Petroleum Products Marketers Association (DAPPMA) said that the N660 billion debt owed them by the Federal Government for products already imported, coupled with interest on bank loans had been their major hindrance to petroleum importation.

According to the Executive Secretary, Mr Olufemi Adewole, most marketers had stopped importing fuel due to government’s refusal to pay outstanding debt owed. “The inability to pay or service the loans has not only stalled further importation of fuel but is threatening the operation of the affected banks and the nation’s financial industry at large.
“Our banks are threatening to debit our accounts at the foreign exchange rate of N360 per dollar, as against N197 per dollar that government approved for marketers. This means that we are the ones subsidizing the imports. “If government fails to address these lingering challenges on price differential, it is not only marketers that will go down, the banks will also collapse because our exposure to banks is in excess of 1.95 billion dollars,” Adewole said.