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Why are Oil Marketers In Dire Need of Federal Government Grants

Nigerian oil marketers under the aegis of Petroleum Products Retail Outlets owners Association of Nigeria (PETROAN) have addressed a letter to the President.

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In the letter dated October 21,  they are requesting a grant of N100 billion to assist in preventing the closure of impacted 10,000 marketers’ businesses in the coming weeks.

Dr. Joseph Obele, the National Public Relations Officer for PETROAN, stated that the price of a truckload of PMS has surged from N7 million to N47 million over the past 16 months.

He said, “Three days ago, there was a meeting at the national headquarters of PETROAN. At the meeting, there was, an indication that about 10,000 of our members would quit business in the next 45 days because their trading capital had been severely affected.

“That was why we wrote a letter to Mr President, dated October 21, requesting a grant of N100bn to save the affected marketers’ businesses from shutting down in the next few weeks.”

Abubakar Maigandi, the President of the Independent Petroleum Marketers Association of Nigeria, acknowledged the has decline in fuel consumption. He noted that the union’s members have also been impacted by this situation.

“There is a drop in consumption and the price of a truckload is higher now. So, we have reduced the quantity of fuel we buy. For instance, someone who bought 10 trucks before can only buy eight now. So, we haven’t been getting the right quantity that we are supposed to get. We sell only the little quantities we get,” he said.

More Details to follow…..

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