FG Moves to Tackle Fuel Scarcity, Approves SDN Payment For March 30

The Executive Secretary of the Petroleum Product Pricing Regulatory Agency (PPPRA), Mr. Farouk Ahmed, has said that Minister of Finance, Dr. (Mrs.) Ngozi Okonjo-Iweala, has approved that the Sovereign Debt Notes (SDN) be payable on March 30 to the oil marketers as part of measures to ease the crippling petrol scarcity across the country.
Ahmed said yesterday that the agency was expecting about 8000 metric tonnes, which is about one billion litres this month while other marketers would be bringing in products this weekend.
Tracing the root cause of the scarcity, Ahmed said that commercial banks’ reluctance to issue letters of credit to marketers for importation fuelled the petrol scarcity.
He said the devaluation of the naira caused confusion in the banking sector that further worsened the scarcity.
“The problem actually started with the banks which were reluctant to issue letters of credit to marketers for importation and this was compounded by the naira devaluation by the Central Bank of Nigeria (CBN) and that brought some confusion into the banking sector.
PPMC Managing Director Haruna Momoh said: “If we had our pipelines fully in shape, within two days, we would have had this situation cleared because our supply is much more robust, as at today.
We have quite a number of vessels that have arrived over the weekend and we are expecting much more to arrive before the weekend.
Speaking on the scarcity of petrol. the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Joseph Dawha, assured that the Pipeline Products Marketing Company (PPMC) promised that there would be normal supply of products in Abuja and its environs on Monday.
“We are here to see how thing are going on, we know that there is enough supply to cover all the filling stations but I wanted to see things for myself with the NNPC and things are getting back to normal. The PPMC has told us that by Tuesday, there will be normal supply in Abuja environment,” he said.

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