The Independent Petroleum Marketers Association of Nigeria, IPMAN, 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 newsmen, a National Ex-officio of IPMAN and former Chairman of the association in Ogun State, Surajudeen Bada, disclosed that oil marketers currently contribute 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.
You will recall 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 the government policies were affecting marketers negatively.
He noted that many marketers, who do not have the N27m working capital, are now out of business.
