The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed concerns over the removal of fuel subsidy by President Bola Tinubu, stating that its members are unable to afford the purchase of 45,000 litres of petrol, News About Nigeria reports.
Surajudeen Bada, a national ex-officio of IPMAN and former chairman of the association in Ogun State, revealed that oil marketers are now pooling resources to buy a 45,000-litre tanker of petrol and share it among themselves.
Bada attributed the inability of individual marketers to purchase a full truck of petrol to the removal of subsidy, noting that before May 29, 2023, the cost of a 45,000-litre tanker of petrol was below N9 million.
However, under the current circumstances, the same quantity now costs over N27 million.
President Bola Tinubu announced the end of the petrol subsidy regime during his inaugural speech on May 29, 2023, leading to a significant increase in pump prices.
The former chairman of IPMAN in Ogun State and the chairman of the Oil and Gas Traders Association in Ogun State pointed out that the government’s policies are adversely affecting marketers.
In response to the increased cost of procuring petrol, marketers are now collaborating to share the product among themselves, contributing money collectively to purchase a single truck.
Bada explained, “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.”
