7:56 AM May 22, 2022

PENGASSAN blames fuel scarcity on lack of forex



The Petroleum and Natural Gas Senior Staff Association of Nigeria on Wednesday attributed the fuel scarcity to the non-availability of forex.

The PENGASSAN President, Mr Festus Osifo, made this known at a news conference on Wednesday in Lagos.

Osifo urged the Federal Government to remove all forms of taxes and levies from the importation of petroleum products.

“Although the increase in the price of crude oil in the international market is partly responsible for the surge, from our findings, the non-availability of foreign exchange (FX) at Central Bank of Nigeria rate to marketers is largely responsible for the increase as they source FX from the parallel market.

“This is without prejudice to the activities of unscrupulous marketers that are bent on milking Nigerians dry, “ he said.

Osifo, therefore, urged the Federal Government to remove all forms of taxes and levies from the importation of petroleum products.

He also called for the Nigeria Liquefied and Natural Gas and other gas producers to be mandated to focus more on domestic gas production.

“Efforts should be intensified to fast-track the current rate of rehabilitation of the nation’s four refineries to guarantee energy security; while on the short term, make FX available to the importers at the official rate.

“Should this abnormality and distortion continue, it has the ability to drive the country into another round of recession and further impoverish the already battered citizens,“ Osifo said.

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