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We’re not getting forex at N305 per dollar- MOMAN


The Major Oil Marketers Association of Nigeria, MOMAN has disclosed that its members are not getting foreign exchange at N305 to a dollar for the importation of Premium Motor Spirit fondly called petrol.

Recall that the Nigerian National Petroleum Corporation, NNPC through its Chief Operating Officer, Downstream, Mr. Henry Ikem-Obih had during a panel discussion at the just concluded Nigeria Oil and Gas Conference and Exhibition in Abuja said that the forex intervention scheme which was rolled out by the Central Bank of Nigeria and co-managed by the NNPC had been extremely successful.

Also, the Nigerian National Petroleum Corporation, NNPC has been the sole importer of petrol into the country for more than a year as private oil marketers stopped importation due to a shortage of forex and increase in crude oil prices, which were said to have made the landing cost of the product higher than the official pump price of N145 per litre.

However, the Chairman, MOMAN, Mr Tunji Oyebanji, who spoke on the sidelines of the event, said marketers had not resumed petrol importation as they could not access forex at N305/$1 according to Punch.

According to him, “we don’t know who is getting foreign exchange at N305/$1. If we are getting it at that rate for petrol, we will be importing. But we are not getting it. Yes, when the scheme started, that was the plan and CBN was the one handling it. Eventually, the NNPC took over it, and we don’t know who is getting it at N305. So, maybe he can enlighten us by publishing the names of those who are getting it”.

Oyebanji, who is the Managing Director of 11Plc (formerly Mobil Oil Nigeria Plc), said, “We are not importing PMS 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. You can’t compete because the NNPC is bringing everything at N305; so, it is not a level playing field at all.”

Meanwhile, he noted that if marketers were to resume importation, the N305 as exchange rate maybe considerable adding that Nigeria needed to be certain about what to do about the exchange rate and how it would be beneficial to the country.

Source Punch
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