NOCMA needs $60m to fill up fuel reserves
NOCMA offices with almost no fuel
The National Oil Company of Malawi – NOCMA needs at least 60million US dollars to import the required volume of fuel as the country faces fresh fuel crisis.
Director of operations at NOCMA Micklas Reuben said the country requires USD60 million to import volumes to fill up the Strategic Fuel Reserves – SFRs.
This comes at a time the country is also facing serious forex shortage with the gross official reserves reportedly at below one month import cover.
“NOCMA is committed to fill up the strategic fuel reserves. This filling will bring about fuel supply security and stability. The process towards acquiring to fill the SFR is underway.
The country requires USD60 million to import volumes to fill up the SFRs whilst maintaining daily consumption of approximately 2 million litre per day.
Four suppliers were already identified and contracts signed in April and May 2023.” Reuben said.
Meanwhile, exchange control authorities are engaging partners to secure and establish fuel financing to allow NOCMA to fill up the SFRs -according to NOCMA.
Energy Regulator MERA earlier stressed that the fuel supply will only stabilise when NOCMA’s reserves are filled probably late in month end.
Meanwhile, economist Hopkins Kawaye fears that the situation could slowdown economic activity if not dealt with timely.
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