The fuel scarcity currently being experienced across the nation is being caused by the two rounds of devaluation carried out by the Central Bank of Nigeria, CBN, between November last year and February 2015.
This is according to Executive Secretary of Petroleum Product Pricing and Regulatory Authority, PPRA, Farouk Ahmed yesterday in reports from Osun Defender.
He made this known after officials of the Nigeria National Petroleum Corporation, NNPC, and heads of some subsidiaries under it failed to appear before the Senate Committee on Petroleum ( Downstream) to defend their 2015 budget.
Farouk Ahmed, told the committee that the devaluation caused huge confusion in the oil sector as the petroleum agency did not know the exchange rate to be used for payment on fuel importation.
This caused the marketers not to deliver the cargoes of fuel expected from them because they were not sure of the exact delivery cost as a result of the devaluation, adding that the old template used for paying the marketers was no longer useful.
He, however confirmed that the crisis has eventually been resolved as the Budget Office has approved payment for outstanding bills that the marketers are being owed.
Hmnnn....I will believe when I can buy fuel freely without any hassles.
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