According to the Depots and Petroleum Products’ Marketers Association of Nigeria, the problems preventing the supply and distribution of Premium Motor Spirit include unauthorized taxes and charges as well as dealers’ inability to acquire foreign cash.
The chairman of DAPPMAN, told PUNCH that petroleum marketers were in “dire circumstances” as a result of having to get foreign currency through the black market for transactions with a Nigerian domicile.
The largest corporation with complete access to the dollar at the official rate at the moment is the Nigerian National Petroleum Company Limited, which acts as the supplier of last resort.
Additionally, the NNPC has access to items through trade agreements.
Akpani criticized the lack of a level playing field that ensures all marketers have access to foreign exchange at official prices, stating that having NNPC as the only importer of PMS was unsustainable given the high demand for the good.