The Ministry of Petroleum is talking to the IOCs for assistance on forex. For now, only two of them are assisting with forex. They are the ones operating upstream and downstream.
The Minister is talking, and we hope the assistance would be constant and massive enough for us to bring the fuel, he said.
Olawore stressed that forex is essential to the lingering fuel crisis, adding that banks are not helping matters, as they insist on selling to marketers at the prevailing parallel market rate. ‘Forex must be made available for fuel to be available.
All major marketers have concluded arrangement to bring in products, but we need forex to back up the arrangement.
We have the naira, but we don’t have forex. Banks are giving us forex at above N300 to a dollar. We appeal that the Minister will continue his Engagement with the IOCs. And we will be glad if the President comes into the matter, because we are not getting forex from banks at the official rate.
We are discussing with the Central Bank and we hope they will oblige us because it has since stopped allocation of forex to marketers.
They should give us more priority.
He said a more permanent solution to the persistent crisis is the deregulation of the oil and gas sector, backed with strong regulatory framework.
According to him, Deregulation is a song we have been singing and we will continue to sing. That is the only way to go. We only need to put in place a strong regulatory framework, so that people don’t misbehave.
The MOMAN Executive Secretary also condemned the previous arrangement, which made the Nigeria National Petroleum Corporation NNPC the major importer of petroleum products, saying, NNPC alone cannot do it.
There has to be partnership and there should be no junior partner in the arrangement.’ According to him, NNPC has no infrastructure to play the role of major importer of petroleum products, as it lacks the capacity to do so.
Their pipelines are bad They don’t have storage facilities, so they need us,’ he told.
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