Petroleum Importers Limited secures $13 million for fuel importation

General Manager for Petroleum Importers Limited (PIL) Martin Msimuko says the company has secured $13 million from local commercial banks for the importation of fuel.

Msimuko said this in an interview with Malawi24 that the money has helped them to order the first chunk of eight million litres of fuel which has already started arriving in the country.

However,  Msimuko said that the company still needs $9 million  for the importation of fuel.

Recently Msimuko told Malawi24 that the country has adequate fuel storage capacity but the only limited factor is inadequate forex that makes it difficult to import the fuel.

Over the past two weeks, Malawi has been experience fuel shortages and President Lazarus Chakwera last week admitted that this is due to a shortage of forex. He said his administration had already secured US$28 million from local banks and was in the pursuit of another US$50 million dollars in order to resolve the forex problems.

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