Papua New Guinea
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Fuel rationing to continue: Puma

Chairman and Managing Director of Puma Energy Papua New Guinea, Hulala Tokome in a statement said rationing will continue in order to extend security of supply for emergency services, hospitals and critical infrastructure.

Mr Tokome said without the necessary access to sufficient FX and financial services they are resorting to rationing and managing the remaining fuel stocks.

“Our hands are tied and we are growing more concerned with every day that passes,” he said, “while we have temporarily reinstated supplies as a gesture of good faith, necessary actions have not been taken by other parties.”

“BPNG has continued to positively engage and, we understand, are taking steps to make additional FX available to address the more than two thirds of outstanding FX orders.

“More urgently our access to financial services is still in limbo. We have had no explanation of the issues restricting our access to financial services and we urge BSP to come forward with a way to remedy any outstanding matters.

This afternoon BSP Financial Group Limited (BSP) released a statement, saying it took a decision to cease its relationship with one of its customers. While it did not mention the name of the customer, BSP mentioned that its decision is only known to the Bank of Papua New Guinea (BPNG) and the Financial Analysis and Supervision Unit (FASU), and have been communicated to members of government.

According to BSP, the customer currently has the capacity to operate its accounts with BSP until its relationship with BSP comes to an end.

Meantime, a Task Force will probe the FX and fuel supply issue with concerned parties.

Early this week, Prime Minister James Marape announced that the National Security Council has approved a Task Force to establish why BPNG and Puma Energy Ltd cannot resolve issues pertaining to forex and Puma’s businesses.

The Task Force comprises representatives from Treasury, BPNG, FASU, Internal Revenue Commission, Customs, Department of Petroleum and Energy, and two independent forensic audit firms.