OIL MARKETERS DEMAND 3 MONTHS EMERGENCY PALLIATIVES.
- October 6, 2023
- Zainab Musa
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Petroleum industry players led by the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) on Thursday urged President Bola Ahmed Tinubu led Federal Government of Nigeria to urgently provides emergency palliative measures to oil marketers for the next three months to enable them bring in products into the country.
This was part of the resolutions read at the National Executive Council (NEC) Meeting of NOGASA Thursday in Abuja, by the National President, Mr. Bennet Korie.
Mr Korie who lamented that the situation has affected adversely the importation and distribution of petroleum products, noted that if urgent intervention by government is not done it may force more of the marketers to close shops.
NOGASA President then urged the federal government to come up with an emergency palliative in the area of FX, proposing to the Federal Government an â€œEmergency Palliative Measuresâ€ for marketers such that fuels can be imported at a special exchange rate of â€œat least N600 per Dollar for the next three months while waiting for the promised reactivation of our refineries.â€
He spoke at the National Executive Council (NEC) meeting of the Association on Thursday in Abuja, an event which attracted leaders of many oil and gas sector unions and associations.
The oil industry players noted that while they applauded the removal of fuel subsidy, â€œwe warned and advised that right steps be taken to cushion its effects for the survival of citizensÊ¼ businesses and precarious development.
â€œSimilarly, Depot Owners are so terribly affected by the increasing cost of the crude and exchange rate to the extent that many Depots are practically deserted as their owners are unable to secure Bank loans to fund their business due to high interest rates.