Yemisi Izuora
The fuel queue currently being experienced in most cities in the country may not subside except government begin immediate payment of subsidy claims owed marketers.
The Major Oil Marketers Association of Nigeria (MOMAN) said that members are constrained from importing petrol due to non-payment of marketers subsidy claims by Federal Government.
According to Mr Olawore Obafemi, Executive Secretary of the association, the lingering fuel scarcity was caused due to inability of marketers to import petrol into the country since February.
He said Federal Government reneged in its promise to pay the marketers first batch on their foreign exchange and interest rate.
He said marketers have declined to import fuel because they don’t have money and no bank will give them loan when they have not paid the one previously collected.
He said marketers appealing to government to pay the subsidy claims in other to avert this kind of situation but they never did.
“We will start importing once FG pay our foreign exchange, interest rate differential on subsidy,’’ he said.
Obafemi said that federal government has promised to pay foreign exchange and interest rate differentiate this week, adding that government has also promised to talk to banks to bank to give marketers credit.
“Bank has equally promised to open letters credits for us once federal government spoke with them on credit note, and the CBN has also shown interest in given us form `M’ to stand as approval letter on foreign exchange,’’ he added.
The situation notwithstanding, he warned members not to sell product above regulated pump price or hoarding fuel as that will attract sanction