Puma Energy has announced via a press release on the 17th of October 2023, that it is now forced to commence fuel rationing to manage declining fuel stocks to protect fuel security in PNG. This is despite the assurances provided; it has not received the required FX to continue normal operations yet. Puma Energy has drawn on its emergency stock to maintain fuel supply to PNG and has been flexible to the relevant authorities since it has not been provided with sufficient FX almost 3 weeks ago. Puma Energy PNG Chairman and Managing Director, Hulala Tokome has said that the company currently requires roughly USD$ 50M on a monthly basis to import fuels and to cater for the company’s unpaid fuel bills that are well in excess of USD$ 100M. “We have been working closely with BPNG and relevant authorities to be as flexible as possible and accommodate the new timelines for FX, but we unfortunately cannot wait any longer.” “As a commitment to PNG and to protect fuel security, Puma Energy has withstood significant outstanding FX payments owed to its suppliers over the past few years.” “This growing outstanding amount can only be paid when Puma Energy receives FX from the BPNG or commercial flows.” Tokome stated that as Puma Energy have said before in a media statement, the company has always tried to avoid rationing fuel supply until they were left with no other viable options. “Rationing is aimed at extending the use of the diminishing levels of fuel that we have left.” “We need to make sure this fuel is available for emergency services, hospitals, and critical infrastructure, such as power and water generation.” Meanwhile Tokome has assured the general public that Puma Energy is hoping to return to its normal fuel supplying activities as soon as possible. Puma Energy also apologized once again for the inconveniences caused and sincerely appreciates everyone’s patience and understanding during this critical and difficult time.