Emmanuel OchayiThe Independent Petroleum Marketers Association of Nigeria (IPMAN) voiced its concern over the crippling effects of President Bola Tinubu’s removal of fuel subsidies, highlighting the immense financial strain on their members.
Surajudeen Bada, a National Ex-officio of IPMAN, lamented the harsh reality faced by oil marketers, explaining that the eradication of the subsidy had drastically spiked the cost of purchasing 45,000 litres of petrol.
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He stated that before the subsidy removal, a tanker of petrol used to cost below N9 million.
“Before May 29, 2023, a 45,000-litre tanker of petrol cost below N9 million. However, with the removal of the subsidy, the same quantity now demands a staggering N27 million” Bada stated.
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He lamented that this exponential surge in costs has forced many marketers out of business, as the once-accessible N9 million capital was no longer sufficient to procure even half a truck.
“In response, marketers now pool resources to purchase a single truck, splitting the product among themselves to sustain sales and signal product availability to the public,” Bada elaborated. “Previously, one station would receive a full truck, but now, we divide the load among three stations due to these soaring costs.”
Bada, also the chairman of the Oil and Gas Traders Association in Ogun State, pointed out the adverse impact of governmental policies on their trade, underscoring the urgent need for solutions to alleviate the financial strain faced by marketers.
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