Fidelity bank banner NewsExpress advert
Fuel Scarcity: Senate C’ttee wants seamless forex transaction between CBN, marketers

By News Express on 07/12/2015

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,996


Sen. Uche Ekwunife, Chairman, Senate Committee on Downstream, on Sunday said that the committee would engage the Central Bank of Nigeria (CBN) on speedy sales of foreign exchange (forex) to fuel marketers.

Ekwunife said this during the oversight function of the committee to some fuel depots in Lagos.

She said that the essence of the oversight function of the committee was to investigate ongoing fuel scarcity in spite of the pronouncement by the NNPC that the product was available in the country.

The chairman said that most of the operators of the depots visited by the committee lamented the inability of marketers to buy foreign exchange to import petroleum products.

She said: “We are concerned about the long queues at filling stations across the country caused by the sacristy of fuel which has been affecting the general public.

“We, the Senate Committee on Downstream Sector, will ensure that CBN finds a lasting solution to ways marketers of petroleum products can assess foreign exchange from banks to fast-track importation.

“If marketers are able to assess the forex on time and as at when due, this will go a long way in addressing fuel scarcity in the country.”

Ekwunife said that the committee would also discuss with the CBN the ways differentials in foreign exchange payment by marketers could be effected on time to address ongoing fuel importation challenges.

She, however, lauded the Nigerian Independent Petroleum Company (NIPCO), for its support to the national development in ensuring effective and prompt loading of petroleum products from gantry to the stations across the country.

She appealed to NIPCO to increase its loading trucks so as to cushion the effect of fuel scarcity and support government in ensuring availability of petrol to the people on time.

The chairman said that: “We cannot continue to have scarcity in the country when depot owners have what it takes to discharge products.

“All depots should beef up their loading capacities to reflect on the common people struggling to buy the product at filling stations.

“We must ensure that product gets to the end-users and all depots should also build truck parks that will contain many trucks to avoid parking on the highways.”

Also, Mr Venkataraman Venkatapathy, the Managing Director, NIPCO, said that the company would remain an ally of government in ensuring the availability of petroleum products across the country.

He said that the company had been doing this through its depot operations and branded stations as well independent marketers’ outlets that loaded in the terminal.

He said that pricing of petroleum products at the company’s depot had always been at the government approved depot rates.

Venkatapathy said that concerted efforts were on to ensure that only registered marketers with verifiable outlets load in the company.

The managing director implored government to look into the area of gas, especially in the realm of Compressed Natural Gas (CNG) as vehicular fuel.

He said that such step would save the nation and its citizenry the hiccups always experienced in the importation of liquid fuel.

According to him, it is in pursuance of harnessing the abundant gas resources in the country

He that the company, in a Joint Venture scheme with Nigeria Gas Company (NGC), floated Green Gas Limited, to provide necessary infrastructure to aid the use of gas as vehicular fuel and power industrial concerns.

The managing director stated that the giant stride of Green Gas Limited, was already manifesting as a revolution not only in Nigeria but also in Africa.

He added that the development would save government lots of forex at a time the nation was witnessing a lot of stress in importing petrol.

The Senate Committee visited NIPCO, MRS, Capital Oil and Atlas Cove. (NAN)

•Photo shows Senator Ekwunife.

 

Source News Express

Posted 07/12/2015 05:11:06 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Intersociety mobilises for the trial of Boko Haram...

250 migrants drown off Libya coast

Breaking News: Super Eagles, Samba Boys of Brazil...

Governor Obi, your Commissioner for Youths and Sports...

2015: Ekiti can’t happen in Rivers —Okocha •Empowers...

There are investment opportunities in Nigeria beyond oil...

Suspected kidnappers abduct ASUU State Chairman's wife

Exodus: 1.5 million dump Africa for Europe and...

Arsenal tame Manchester City to boost chances as...

Thunder strikes Ghana twice; returns home empty-handed from...

Campaign of calumny against Ex-Governor Uduaghan senseless -...

Rivers APC hails Amaechi’s anti-Ebola strategies

 

Latest News BREAKING: Real Madrid beat Liverpool in 2018 Champions League final EFCC begins probe of Obasanjo's $16bn power projects 30th May will witness a total lock-down of South East, South South - IPOB Police Recruitment: JAMB screens 37,000 candidates in 156 CBT centres Armed bandits kill community leader in Benue JOHESU appeals court judgement ordering it to suspend strike Anti-graft fight: We need support, not condemnation — FG If you use your powers negatively, posterity will haunt you - Jonathan tells Buhari Military confirms fire incident at Conoil fields in Bayelsa MeCAM laments effects of wanton killings on Nigerian children, tasks FG IDPs rape report: Stop living in denial, HURIWA tells FG 2018 African Brand Congress to hold in Nigeria

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (345,987 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (342,919 views) Shameless Genevieve Nnaji exposes breasts in public (274,099 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (225,359 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (205,608 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (203,432 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (177,471 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (159,750 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (150,643 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (143,998 views) Lagos plane crash: Journalist releases victims’ names (140,393 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (132,791 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (43) Business & Economy (3,163) Business Verdict (43) Columnists (858) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (498) Features (598) Global Business Monitor (275) International (1,974) Interview (149) Live Commentary (28) Love Matters (120) News (35,633) Opinion (973) Pidgin (10) Politics (5,079) Religion (747) Sports (1,519) Stock Watch (29) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Boko Haram commanders surrender

 

APO Group Partner

 

 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement