PNG Chamber concerned about foreign exchange saga

Photo: Puma Energy

Papua New Guinea’s Chamber of Commerce and Industry is concerned about the ongoing foreign currency constraint saga.

Chamber president Ian Tarutia said a consistent supply of fuel and associated products were critical.

“If Puma (Energy), the major supplier of fuel in country, is regularly impeded by forex constraints, how can businesses operate with certainty and comfort?” he said.

“Air travel will be impacted, ground transport will be affected, power supply relying on generator sets will be affected.”

Tarutia said foreign currency constraint was once again impacting business houses, households and the country as a whole.

“The flow-on impacts are significant, not to mention the added costs to business to cover the disruptions caused by the irregular fuel supply. This cannot continue,” he said.

“It is not good for our economy and country’s reputation as a destination for investment and business.

“We support the calls for Puma to work with all relevant regulatory authorities to resolve this situation as a matter of urgency and in our national interest,” Tarutia said. Prime Minister James Marape recently intervened when Air Niugini had to cancel all domestic flights because Puma was unable to supply fuel due to the forex problem.

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