Forex Crisis :8 Out of 94 Importers Delivered PMS From June-Sept 2023

The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, says only 8 out of 94 importers issued licences were able to deliver from June -Sept 2023.

This was revealed by the Chief Executive, NMDPRA, Farouk Ahmed, at the opening session of the ongoing 17th Oil Trading & Logistics Expo in Lagos with the theme, ‘Energy, synergy and new beginnings’ on Monday.

He attributed this low performance to devaluation of the naira and high foreign exchange rate.

Hear him: “94 wholesale suppliers were issued permits to import PMS into the country. Eight suppliers delivered eight cargoes of PMS totalling 251,000 MT within the period June – September 2023. This low performance was due to the challenge of forex liquidity which has constrained the Oil Marketing Companies’ ability to import the product.”

He however said the Federal Government was hopeful that the necessary efforts being taken to improve the stability of the harmonised forex market; would support the importation of petrol by more oil marketing companies alongside the Nigerian National Petroleum Company Limited.