As Long Queue Emerge… No Forex For Petroleum Companies

Just few weeks ago when queue in petrol/ fuel station disappeared, the long queues has re-emerged again at various station across the country.

Credible sources closed to petroleum companies in the country have told NEW AGE that the reason for the long queue is as result of the lack of foreign exchange which the petroleum companies are using to purchase their fuel outside the country.

That the Central Bank has been refusing to sell the forex they need to purchase their fuel products outside the country.

That despite frequent meeting by the Petroleum Regulatory Agency and the Ministry of Trade to get this issue solved, it has exacerbated as all pleas to the Bank of Sierra Leone and the Ministry of Finance have fallen on deaf ears.

 A leaked letter from TOTAL SL/Limited on 18 November 2019 revealed that the scarcity of forex has resulted in the company accumulating a huge debt US$37M.

That such situation threatens their capacity to continue importing product on credit  and that between January and June 2019 to the tune of almost US$39M.

It is believed that one of the leading oil importers into the country NP Sierra Leone used a total of US$20 monthly to import petroleum.