Fuel Scarcity: ‘Marketers receive $3.075bn FX in 14 months’

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Based on a document obtained by Daily Trust, oil marketers collected a total of $3.075 billion from government to import fuel at the rate of N305 to a dollar between June 29, 2016 and August 21, 2017.

The document showed that the actual amount the marketers requested was $3.292bn, but they ended up getting a little less than that. Similarly, the document indicated that the marketers also received the sum of $150.753 million and $51.49m respectively within the same period to import Automotive Gas Oil (AGO) and Aviation Turbine Kerosene (ATK).

Five major oil companies received the $51.49m for the ATK, the document showed. While the requested amount for AGO was $221.523m, that of ATK was $62.538m. The grand total amount collected for PMS, AGO and ATK by marketers as foreign exchange within the period was $3.278 billion. Marafa bars Kachikwu, Baru from answering questions on subsidy

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There was a mild drama as Senator Marafa asked Kachikwu and Baru not to respond to questions raised on whether subsidy is being paid or not. First to raise the question was Senator Bassy Albert Akpan (PDP, Akwa Ibom) when he queried the Petroleum stakeholders on how the N26 differential in the landing cost N171 and N145 approved price.

Marafa, interjected saying, “the essence of this meeting is not about whether there is subsidy or not. I don’t want us to go into the issue.”

The issue was also raised by Senator Philip Aduda (PDP, FCT) when he demanded for explanation on it, he says: “if we are paying subsidy let us know.” But again, Marafa quickly interjected saying that a new date would be fixed for the hearing on subsidy.

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Recall that Marafa had during a press briefing ahead of the investigative hearing said among the issues to be discussed was subsidy.

Marafa had on Friday said: “Part of what we are going to ask is the issue of subsidy: We were told that there is subsidy, if there is, who approved it ? We are the only one that can appropriate money. If you do that without our approval, you have breached the Constitution of the country.”

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