Lack of forex threat to PNG fuel

THE increase in global crude oil prices is adding pressure to Puma Energy’s foreign exchange requirements to also increase to import supplies.
Lack of forex threat to PNG fuel Lack of forex threat to PNG fuel Lack of forex threat to PNG fuel Lack of forex threat to PNG fuel Lack of forex threat to PNG fuel

Staff Reporter

This is the view of Puma country manager Hulala Tokome when commenting on the increase in retail fuel prices in June.
 
Tokome told the national that more increases were expected and that the company continues to engage with the Bank of Papua New Guinea and commercial banks to provide much-needed foreign exchange.
 
"Fuel prices have continued to increase, even though excise and GST relief that the government has put in place is helping. But oil prices continue to be high.
 
"These global elements are beyond Independent Consumer Competition Commission's control. So we will continue to have higher prices. This has caused our forex requirements to also increase to bring in supplies into the country."
 
SP Brewery managing director Ed Weggemans earlier told The National that foreign exchange was critical to businesses who had to pay their overseas suppliers.
 
"Foreign exchange is slow to receive, and availability is not abundant but it is enough for us to pay for our raw materials so we can continue to operate," Weggemans said.
 
"We cannot pay our suppliers with kina as it is not an international currency. So if we cannot pay our suppliers, they will stop supplying. And that's a huge risk to our operations."

 

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