Private investors are not eager to import the Premium Motor Spirit (PMS) despite the decline of the products following the fall of crude oil in the international market, The Nation learnt on Wednesday.
According to a former executive member of the Depot and Petroleum Products Marketing Association (DAPPMA), who spoke with our correspondent on phone, the Federal Government is yet to reimburse the price differential of the foreign exchange in the previous transactions that the government gave the marketers the approval to import about three years ago.
Besides, the source that spoke on the condition of anonymity because she is not authorised to speak on the matter, said sourcing for the foreign exchange is still pretty difficult for the private investors as the value of dollar has soared.
She described whoever is doubting whether the government was paying any subsidy as ignorant of the crude oil market in view of the prices that prevailed at that time.
The source urged the Department of Petroleum Resource (DPR) and the Petroleum Products Regulatory Agency (PPPRA) monitor marketers’ compliance with the pump price of petrol.
She urged the to channel the money that it previously spent on subsidy to infrastructural development that can be of benefit to the citizenry, especially the masses.
On why marketers are reluctant to import petrol, the reliable source said: “The private depot owners have started making arrangements to import. The challenge is the provision of dollar.
“That is what has driven marketers away from importation. There was a time we were expecting to net off at N198 and the government divided it to N285. Till date, the government has not reimburse the marketers. With that debt still in ground, I don’t think any marketer will be eager to add to the debt. (The Nation)
