There is still no end in sight for the country’s fuel issue because Puma Energy’s access to banking services remains constrained at this time, leaving no choice but to continue on with fuel rationing.
Puma Energy Managing Director and Chairman, Mr. Hulala Tokome, in a statement today said that the parties involved are yet to comply with the directives issued by the National Security Council (NSC) and the National Executive Council (NEC).
It is important that all parties promptly engage on any issues preventing full compliance with government directives.
He added that the Bank of Papua New Guinea (BPNG) continues to work towards resolving current outstanding matters, while the BSP Financial Group Limited (BSP) is urged to provide a clear pathway forward towards full compliance with the NSC and NEC’s directives.
Without the necessary access to sufficient foreign currency and financial services, Puma Energy remains unable to import product from the international market and must actively manage remaining fuel stocks to extend security of supply for emergency services, hospitals and critical infrastructure.
“Our hands are tied, and we are growing more concerned with every day that passes. While we have temporarily reinstated supplies as a gesture of good faith, necessary actions have not been taken by other parties. BPNG has continued to positively engage, and we understand are taking steps to make additional FX available to address the more than two thirds of outstanding FX orders,” said Mr. Tokome.
“More urgently our access to financial services is still in limbo. We have had no explanation of the issues restricting our access to financial services and we urge BSP to come forward with a way to remedy any outstanding matters. There is no reason why we can’t reach a resolution in the interest of PNG and its security. BSP is leading us down a path that is jeopardizing the entire community.”
Mr. Tokome said they have brought this issue to the attention of the government and have requested their continued support in reinforcing the urgency to the relevant entities to act.
“We are reaching a point of no return. It will be crucial that we once again ration the remaining fuel stocks to extend availability of supplies for emergency services, hospitals and key critical infrastructure.”
“Puma Energy hopes to return to normal fuel supply activities as soon as these issues are resolved. We once again apologize for the inconvenience and sincerely appreciate everyone’s patience and understanding during this critical and difficult time,” he said.