Petroleum marketers have explained that they requested N100 billion intervention from the Nigerian Government to save businesses from collapse in the coming days amid the hike in the price of Premium Motor Spirit.
This comes as oil marketers said that they are awaiting a
positive response from the Nigerian Government on their request for a N100
billion intervention fund.
The President of Petroleum Products Retail Outlets Owners
Association, PETROAN, Bill Gillis-Harry disclosed this in an interview with Dailypost on Sunday.
He said petroleum marketers are finding it difficult to cope
as the cost for a truckload of fuel increased to over N47 million from N7
million.
According to him, filling stations in the country may be
forced to shut down if the government does not intervene.
Gillis-Harry stressed that oil marketers requested for N100
billion intervention for the benefit of Nigerians and energy security.
“It is difficult to raise money to buy Premium Motor Spirit
because each truckload of petrol is about N47 million to N49 million without logistics.
By the time you add logistics, you are talking about N50 million.
“So most of our members may be out of business. We need
N100,000 billion intervention from the Federal Government to remain in
business. We have written a request letter to the government.
“We are waiting for a response from the government. I am
sure the government will response positively.
“It is not a subsidy because it is money we will pay back,”
he said.
It was gathered that oil marketers had written a letter
dated 21 October, 2024, requesting the N100 billion intervention.
This comes amid the recent fuel price hike to over N1,030
per litre nationwide on October, 9 2024.
Oil marketers had hinted at possible fuel price reduction
upon direct purchase of the product from Dangote Refinery.
However, that has not been the case.
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