In a couple of days, plenty of petrol will arrive Nigeria

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has assured that in about 2 days, 10 vessels carrying petrol will arrive the country from the ports despite the scarcity of foreign exchange in the country.

IPMAN is not feeling the effects of the scarcity of forex in the country because it gets it credit line from investors outside the country to access the precious forex which they in turn use to import petroleum products into the country.

According to Danladi Pasali, IPMAN National Secretary in an interview with News Agency of Nigeria in Abuja today, the marketers are ready to work with the Federal Government to ensure the continued availability of petrol in the country.

Pasali said, “We have foreign investors that we work with; they gave us a credit line that enables us to get our products and import to the country. Right now, we have many cargoes that will enter the country under IPMAN, so we have a good arrangement with our partners.”

IPMAN praised the government for opening up the petroleum market and enjoined other marketers to seek for secondary sources to get forex to bring their products into the country as sourcing for forex from the parallel might not be the best option.

IPMAN also said that the deregulation of the downstream sector by the government would ensure efficiency and competition in the system while also revealing that in couple of days, about 10 cargoes will arrive in the port.

On the other hand, the Depot and Petroleum Products Marketers Association of Nigeria had on Friday told the Minister of Finance, Kemi Adeosun that it was getting increasingly hard to get forex for the importation of petrol into the country.

Even though the president of the association, Dapo Abiodun, praised the government for paying the $45 billion subsidy arrears, he noted that the money remained idle in their naira accounts as they could not convert it to dollars to meet their obligations to their foreign partners.

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