CBN Doles Out $3.6bn To Oil Marketers For Fuel Importation

NNPC fuel importation

Nigeria was late last year hit with fuel scarcity. Image: Guardian

The Nigerian National Petroleum Corporation (NNPC) has said $3.6bn was handed to oil marketers for the importation of petroleum products into the country.

Concise News reports that the NNPC noted that the Central Bank of Nigeria (CBN) the foreign exchange to the marketers, contrary to reports that they had no access to FX for imports.

The Chief Operating Officer, Downstream of the NNPC,  Henry Ikem-Obih revealed this on Wednesday at a panel session at the Nigerian Oil and Gas Conference and Exhibition in Abuja.

Obih said, “The truth is that the forex intervention scheme which was rolled out by CBN and co-managed by the NNPC has been extremely successful.

“Since that scheme was set up, we have received applications from marketers for $7.2 billion worth of FX.

“In terms of actual disbursement, about 50 per cent of the applications got funding. But the truth is that the FX that came through that scheme, especially for PMS, got potential funding for the majority of the applicants and FX was available to the marketers.”

He noted that applications for AGO (diesel), HHK (kerosene), ATK (aviation fuel) got forex at 305 to a dollar.

In 2017, private oil marketers claimed that they stopped the importation of fuel following a shortage of foreign exchange and jump in crude prices.

According to them, it has made it unprofitable to import petrol.

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Egobiambu Emmanuel is a Mass Communication graduate from the University of Benin. He is a media enthusiast, loves reading and writing, and has a special interest in personal development. Emmanuel is a reporter with Concise News.

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