NUPENG: Fuel scarcity will persist without forex

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) wants the Nigerian National Petroleum Corporation (NNPC) and the Central Bank of Nigeria (CBN) to source foreign exchange for oil marketers to end the ongoing fuel scarcity.

Tokunbo Korodo, the southwest chairman of the union, stated this in an interview with NAN in Lagos.

He said that NNPC, as a sole importer of petrol, could not distribute the product nationwide.

According to Korodo, most oil marketers cannot import petrol into the country because they could not access foreign exchange. He said that most oil depots in the country depend on what NNPC pumps into their depots for distribution to tanker drivers.

Korodo said this system led to concentration of petroleum tankers in private depots and resulted to gridlocks.

According to him, the gridlock at the depots results in the drivers spending close to 10 days before getting the product.

“The only solution to the present scarcity of fuel is for the CBN to assist the oil marketers in accessing forex to commence importation of petrol,” he said.

“NNPC, which at present is the sole importer, cannot distribute nationwide but private depots, through their depots, can do it better. Getting the Forex for oil marketers will go a long way to maintain steady supply.”

Korodo said that the nation would need regular supply of petrol to filling stations to eliminate the present fuel scarcity.

He urged the NNPC to urgently  source foreign exchange for the oil marketers so that they could commence steady importation of petrol.