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PUMA FORCED TO LIMIT FUEL SUPPLY

As of late last week, Puma Energy has been forced to limit purchases of petrol to the Port Moresby market.
This action has been taken in order to manage the ongoing impact of issues Puma Energy has been working to resolve with the PNG Government and its supporting agencies such as the Central Bank and Customs.
Due to the lack of liquidity in the forex markets, Puma Energy has only been able to convert very limited amounts of local currency into USD to pay for its supplies. Puma has kept the government informed on this matter and has been trying to work with them on a solution.
For the past year, Puma Energy has used its’ own resources in order to avoid fuel product shortages for Papua New Guinea, in the hope that a liquidity resolution is achieved.
This has not been forthcoming in any meaningful way and we have now reached a stage that is unsustainable. Puma Energy has provided notice to the government and to its valued customers that Puma would suspend further purchases of fuel with which to supply the PNG market, solely as a result of the lack of availability of USD with which to continue to buy the fuel.
Puma is managing the supply into the Port Moresby market in an effort to minimize impact to essential services and customers in general.
Unfortunately this is likely to mean supply shortages of petrol in the next few days and will start to impact other products unless a resolution is achieved this week.
Puma is continuing to maintain dialogue with the government, to resolve the situation.

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