Photo: Richard Maru
International Trade and Investment Minister Richard Maru has expressed his concern about the ongoing fuel shortage in Papua New Guinea, stating that it could send the wrong signal to investors willing to do business in the country. Maru emphasized the need to resolve the issue quickly, saying, "This will leave a bad impression on our investors. It cannot be an ongoing situation where we hold up business activities and service suppliers. My concern is the investors. It is beginning to create a pattern and we must not allow it (to continue)."
Maru also urged Puma Energy and the Bank of Papua New Guinea (BPNG) to find a solution to the constraints in the supply of foreign exchange (FX) that prevented Puma Energy from purchasing crude oil. He said, "I'm sure Puma Energy and the Bank of PNG understand that and will come up with a resolution that will benefit everyone."
Puma Energy's country manager, Hulala Tokome, confirmed that the company had not received FX flows for over six weeks, which was the reason behind the fuel shortage. he said, "Puma Energy could not purchase crude oil due to the constraints in the supply of foreign exchange (FX)."
BPNG has maintained its stance that Puma Energy should be dealing only with commercial banks. The fuel shortage has affected motorists and fuel service stations in Port Moresby, Lae, and Mt Hagen.
Maru emphasized that the fuel shortage would mostly affect businesses, saying, "It is important that the issue be resolved quickly. This will leave a bad impression on our investors. My concern is the investors. It cannot be an ongoing situation where we hold up business activities and service suppliers."
In conclusion, Maru called on Puma Energy and BPNG to find a resolution that would benefit everyone and ensure that such fuel shortages do not happen again in the future. He said, "We must not allow it (the fuel shortage) to continue."
