Owners of fuel depots under the aegis of Depot and Petroleum Products
Marketers Association (DAPPMA) have blamed the current fuel crisis on
banks and the regulations issued by the Central of Bank of Nigeria
(CBN), which imposed credit ceilings on fuel importers.
The depot owners and marketers have also reiterated the need for the
administration of Muhammadu Buhari to remove fuel subsidy, stressing
that the subsidy scheme only benefits foreign refineries where the
petroleum products consumed locally in Nigeria are being sourced.
The Executive Secretary of DAPPMA, Mr. Olufemi Adewole, confirmed in a
statement yesterday that this is the first time since the introduction
of the subsidy scheme that marketers will not have ready and easy access
to fuel import loans.
According to him, this is also the first time that commercial banks
will notify importers that based on the regulations issued by the CBN,
the importers have attained their credit ceilings with their various
banks and would have to make some refunds on the existing loans prior to
being funded for petrol imports.
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