In response to the ongoing foreign exchange (FX) challenges, Puma Energy has received a partial FX intervention from the Bank of Papua New Guinea (BPNG), ensuring a temporary maintenance of vital fuel supplies.
BPNG has committed to urgently providing the remaining FX needed for September and October, enabling Puma Energy to procure fuel on the international market.
Puma Energy, facing looming fuel shortages, had contemplated fuel rationing to safeguard essential services and infrastructure. Grappled with substantial overdue payments, the company will actively manage declining fuel stocks while awaiting the BPNG's intervention later this week.
Hulala Tokome, Chairman and Managing Director of Puma Energy Papua New Guinea, expressed gratitude for the BPNG's swift action, emphasizing the importance of uninterrupted fuel supply for emergency services.
Puma Energy has endured significant outstanding FX payments and encourages businesses to repatriate US Dollar export proceeds to boost the country's FX flows.
While requiring approximately USD$50 million monthly for fuel imports, Puma Energy faces outstanding fuel bills exceeding USD$100 million. The company, having onshored all export earnings, underscores the necessity of BPNG support for fuel imports.
Puma Energy says it remains cooperative with government efforts and the Task Force to find a sustainable, long-term solution to the structural FX challenge faced not only by them but by all fuel importers.