Oil marketers deny access to $7.2 billion window on fuel importation

Major oil marketers under the auspices of Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) have denied that none of their members had accessed $7.2 billion foreign exchange at N305 to a dollar for importation of petrol.

The marketers in their separate reactions to the Nigerian National Petroleum Corporation (NNPC) Chief Operating Officer, Downstream, Mr Henry Ikem-Obih’s claimed that marketers were given forex intervention schemes at N305 to a dollar rolled out by the Central Bank of Nigeria (CBN), co-managed by the NNPC and had been extremely successful, the marketers claimed that the last time they imported petroleum products into the country was last quarter of 2017.

MOMAN Chairman, Mr Tunji Oyebanji, said none of its members are getting foreign exchange at N305 to a dollar for the importation of Premium Motor Spirit.

Oyebanji, who is also the Managing Director of 11Plc, formerly Mobil Oil Nigeria Plc, said: “We are not importing petrol at all but if we want to import Automotive Gas Oil (diesel) or Aviation Turbine Kerosene (aviation fuel), we have to go and buy at N330 or N346 to $1”.

Oyebanji said for now, there is no other alternative for marketers to commence importation of petrol until the 650,000 barrels per day Dangote refinery come on stream, which he said, might ease supply and reduced fuel importation.

In the same vain, DAPPMAN Executive Secretary, Olufemi  Adewole, said that though it is true that at various instances within the lifespan of the immediate past management of NNPC, marketers were offered foreign exchange to import aviation fuel (ATK) and diesel (AGO) at N330/$1 or N346/$1 but that no marketer accessed forex at N305/$1 as claimed and at no time did foreign exchange sourced for fuel importation by petroleum marketers through NNPC-intervention that sum up to $7.2 billion.


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