Update from Nocma appearance at parliament.
Nocma Acting CEO, Buluma has told the Committee that the fuel shortage that the country is experiencing is as a result of forex shortage.
Buluma says, NOCMA needs about 50 million US dollars to procure fuel every month. She says, NOCMA has however managed to get 30% of this requirement that has led to NOCMA importing not enough fuel.
She has told the committee that the forex shortage has not only affected NOCMA but also Petroleum Importers Limited and other importers at the lower level.
According to Buluma, in August NOCMA did not have financing since there was no forex and this affected them. She says, at present local banks do not have forex and Reserve Bank has only released 10 million dollars out of the said 20 million.
Buluma also says, prices of fuel on the global market continue to go up. She says, what 20 million US dollars could buy in December 2021, is same amount can buy half of that today.
She tells the committee that NOCMA is putting together strategies to ensure that the country doesn’t go dry.
