NNPC to Explore Alternative Funding to Offset Subsidy Debts to Oil Marketers

The Nigerian National Petroleum Corporation (NNPC) monday said it would explore new financing mechanisms to offset outstanding debts on subsidy claims which the federal government owes petroleum marketers in the country.

The corporation also stated that it would reach out to relevant creditors such as the banks in the country to ease off extant repayment pressure on marketers and extend the credit lines offered by them

 

Read more @ Thisday Online

FUEL SCARCITY PERSISTS AS BANKS DENY MARKETERS CREDIT

The scarcity of refined petroleum products, especially petrol, may continue across the country for the unforeseeable future because marketers have stopped importing the product due to the reluctance of the banks to provide them with credit.

It was also learnt that as of May 29, 2015, the amount being owed all the oil marketers by the Federal Government was N291.7bn.

Read more @ Sweetcrude Report

FUEL SCARCITY WORSENS, AS OIL MARKETERS SUSPEND IMPORTATION

The recurrent fuel scarcity being witnessed in many parts of the country, particularly in Lagos and Abuja, continued yesterday, showing no signs of easing up, while respite seems not in sight for motorists and residents.

This was even as oil marketers disclosed that they have suspended the importation of Premium Motor Spirit, PMS, into the country due to the failure of the Federal Government to pay them their claims.

Read more @ Sweetcrude Reports