Lack of Foreign Exchange Continues to Pose A Threat

By: PNG Business News August 22, 2022

Photo credit: UOB 

For many of the country's main importers, the problem of lack of foreign exchange availability continues to pose a danger to supply security in the nation.

According to Hulala Tokome, Country General Manager and Director of Puma Energy, they are hopeful that a strong framework in terms of government policies would be in place to address these concerns with the creation of the new government and the Minister leading the industry moving ahead.

“This is to ensure that we can be able to maintain fuel supply security and make sure we have the required foreign currency in the market to bring in the much-needed fuel products into the country,” he said.

He said that Puma has continued to collaborate effectively with the government, and they would do so in the future, with the relevant Minister and BPNG.

According to Mr. Tokome, having a solid foundation will be beneficial for the government programmes already in place.

“This is to instill investor confidence, that there are no surprises of increased fee structures and importantly the charges that are being levied through to businesses are value adding and can be recovered especially in a price-controlled market,” he said.

The Treasurer has stated that there is a chance the government's current gasoline subsidy might be prolonged.

“It’s pleasing to have the government committed to continuing the fuel subsidy as a lot of discussions on making fuel cheaper for consumers continue to take place and it is important to keep on working with the government who are the policy/decision makers,” Mr. Tokome said.


Reference: Wohi, Lorraine. Post-Courier (12 August 2022). “Fuel Supply Security Important For Country, Says Puma Country Boss

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