No supply issues: Tokome

By DALE LUMA
THERE are no issues with the country’s supply of jet fuel, says Puma Energy country manager Hulala Tokome.
Tokome was responding to rumours that there was a shortage of jet fuel in the country causing delays in both domestic and international flights.
“There is no shortage in jet fuel and we supply 100 per cent of the country’s requirements,” he told The National.
Also commenting on Puma’s foreign exchange (FX) issues as of late, Tokome said: “BPNG (Bank of Papua New Guinea) and the commercial banks have been supportive in providing much needed intervention in the market to pay for much needed supplies.
“We are not through this as yet given the high price of crude oil globally and will continue to require significant FX flows every month to maintain supply security.”
Tokome said Puma’s FX requirements were dependent on the price of crude oil. Bank South Pacific Financial Group Ltd (BSP) group chief executive officer Robin Fleming previously told The National that: “Total outstanding foreign exchange orders with the bank was approximately K120 million higher than at the same time last year.”
Fleming said BSP had seen a buildup in foreign exchange orders over the past few months due to a combination of factors.
“The increase in energy prices globally has contributed to this with fuel related orders increasing as oil prices increase on the back of supply issues related to the Russia-Ukraine conflict,” he told The National.
“Additionally, business activity in PNG has also been positive in recent months, some of which is election related and some of which is in anticipation of future extraction industry projects as well as higher agriculture commodity prices stimulating consumer demand, and this also contributes to more demand for foreign exchange as imports increase.”