Fuel Scarcity: We Can’t Import Fuel Because We’re Broke- Oil Marketers

The fuel crisis situation in the country could take a while to abate as oil marketers say they are broke and can't resume importation of fuel, a Vanguard report has revealed.

"The money that the marketers were paid by the Federal Government was, according to the banks, like a tip of the iceberg, compared to the huge amount the marketers owe the banks. Majority of the marketers are not able to repay their indebtedness to the banks, making it impossible for them to secure new facilities from the banks to finance fuel import," a top source in the depot and Petroleum Products Marketers Association, DAPPMA reportedly said.

“We want the Federal Government to pay the debt owed marketers as it is only then will we be able to repay our debts to the banks and secure fresh credit facilities from the banks to enable us finance our fuel import.”

The source further stated that majority of the oil marketers have stopped importing fuel, despite the fact that they have gotten the approval of the Petroleum Products Pricing Regulatory Agency, PPPRA, to import.

“We have approval to import fuel, but we do not have money to finance the import. The banks told us that they have a ceiling for borrowing and they have reached their borrowing limit, with oil companies accounting for a substantial portion of the loans.

“We are asking the Federal Government to pay us the claims we are being owed so that we can have money to offset our debts and finance fuel imports.”