The Petroleum and Natural Gas Senior Staff Association
of Nigeria (PENGASSAN) has revealed that the inability of marketers to obtain
foreign exchange (FX) at the Central Bank of Nigeria rate is partly to blame
for the rise in fuel scarcity since they must purchase FX on the black market.
PENGASSAN President, Mr. Festus Osifo, made the
announcement at a news conference in Lagos on Wednesday.
He encouraged the FG to make FX available to importers
at the official rate in the short term, as well as remove duties on the import
of fuel items.
According to reports released this week, Nigeria's
inflation rate shifted in February, rising to 15.7 percent from 15.6 percent
the previous month, owing to gasoline shortages across the country.
What PENGASSAN has to say
"Although the increase in the price of crude oil
in the international market is partly to blame for the surge," Mr. Festus
Osifos said, "from our findings, the non-availability of foreign exchange
(FX) at the Central Ba...
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