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BUSINESS

Most Marketers Can’t Afford Petrol Trucks – IPMAN

January 4, 2024 • 2 min read

The Independent Petroleum Marketers Association of Nigeria has said that its members cannot afford to purchase 45,000 litres of petrol due to the removal of fuel subsidy by President Bola Tinubu.

In an interview with The PUNCH, a National Ex-officio of IPMAN and former chairman of the association in Ogun State, Surajudeen Bada, disclosed that oil marketers currently contributed money to buy 45,000 litres of petrol and share among themselves.

He attributed the inability of individual marketers to purchase a truck of petrol to the removal of subsidy on the petrol.

He explained that before May 29, 2023, a 45,000-litre tanker of petrol used to cost below N9m.

Recalled that on May 29, 2023, President Bola Tinubu announced the end of the petrol subsidy regime during this inaugural speech.

Consequently, the pump prices of petrol soared from about N180/litre to N537/litre before jumping to N617/litre on July 17.

According to Bada, a 45,000-litre truck of petrol that was formerly sold for N9m currently costs N27m, which many of the marketers could not afford.

Bada, who is also the chairman of Oil and Gas Traders Association in Ogun State, maintained that government policies were affecting marketers negatively.

“Government policies are affecting us negatively. As of May 2023, before the commencement of this administration, a 45,000-litre truck of petrol was being procured from the depot at above N8m, not up to N9m. But the same quantity is being procured today at above N27m. You can see the difference. So, many of our marketers, who do not have the N27m working capital, are now out of business.

“What we now do is to share the product among one another. Normally, a petrol station is entitled to a truck, but we now take a full truck to about three stations. We share among ourselves so that, at least, the people will see that we are selling and the product is available in town.

“We contribute money to buy just one truck because someone that has N9m and was running his business before can no longer buy half of a truck with that amount. So, two to three people now come together to do that.”