Forex access remains huge challenge to fuel importation – Total

Total logo large

Total Nigeria Plc has stated that access to Foreign Exchange (forex) remains a huge challenge in its petroleum marketing business despite the removal of oil subsidy by the Federal Government,Vanguard reports.

Speaking at the company’s 38th Annual General Meeting (AGM) in Lagos, at the weekend, Chairman, Total Nigeria Plc, Mr. Momar Nguer said “The year under review was fraught with difficulties as we faced several hurdles both prior to and post importation of petroleum products in Nigeria. We are still not free from difficulties, as access to forex remains a huge challenge despite the removal of subsidy, which has made the price of Premium Motor Spirit (PMS) to increase to N145 per litre.”

According to him “Government has opened the market as anybody can import PMS by sourcing forex at the parallel market and not through the official window. This is still a huge challenge for the industry. Notwithstanding the challenging circumstances,  at  60 years of our operations in Nigeria, we believe that we have the capability to succeed”.