Puma Energy faces a critical situation as it grapples with unfulfilled foreign exchange (FX) orders amounting to nearly USD 70 million.
In another statement yesterday, Puma said its inability to repay suppliers for international fuel purchases over the past six weeks has raised concerns about impending fuel shortages.
Puma Energy is urgently calling on both commercial banks and the Bank of Papua New Guinea (BPNG) to allocate the necessary foreign exchange.
"Ensuring fuel supply is vital to PNG. We continue to urge the BPNG and banks to work together and allocate FX flows to fulfill Puma Energy’s orders.”
The looming fuel crisis raises concerns about potential disruptions in fuel supply, prompting urgent calls for action to avert a crisis that could impact not only the general population but also essential services and infrastructure.
“We are working hard to ensure there is no impact on fuel supply this month and avoid the possibility of fuel rationing to preserve stocks for emergency services, hospitals, and critical infrastructure, such as power generation."
Despite the company's pleas, the BPNG has not released sufficient USD to cover Puma Energy's outstanding orders from October, and commercial banks have yet to allocate available FX flows to the struggling energy giant.