Is CBN responsible for fuel scarcity?

Is CBN responsible for fuel scarcity?

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.

“Unfortunately the expected refund to the banks is yet to be reimbursed by the federal government,” he said.

He noted that over one week after the senate committees’ meeting with major petroleum industry successfully persuaded the petroleum tanker drivers and NARTO to call off their strike  and resume loading of fuel, the depot owners and other fuel importers are still being owed billions of naira in unpaid subsidy reimbursement, interest on delayed payment and foreign exchange differentials. Read more


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