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Ex-PPPRA Boss: Address FX Administration For Petrol Imports

A former Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Mr. Reginald Stanley has said that the federal government’s foreign exchange facility for importation of petrol into the country was a good intervention in the downstream petroleum sector, but that its administration should be fine-tuned, ThisDay reports.
Speaking when he commissioned the new .....
mega petrol service station built by Emadeb Energy Services in Abuja, Stanley advised that the government clear out certain administrative bottlenecks in providing forex to marketers. He said those bottlenecks were preventing its liberalisation of the sector from taking a full course.
According to him, when forex approved for marketers are delayed from getting to their banks to enable them open letters of credit for orders placed, the volatility associated with petrol importation will eventually affect the tonnage imported by marketers.

He said the opportunities in the country’s downstream petroleum sector has continued to grow, adding that investments have being upgraded to include mega, multifunctional service stations like that of Emadeb. He stated that the federal government’s decision to liberalise and put pump prices within N135 to N145 have engendered competition in the market and that operators would now have to be efficient to remain in business.

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