The Independent Petroleum Marketers Association of Nigeria has stated that its members are unable to purchase 45,000 gallons of petrol due to President Bola Tinubu’s removal of fuel subsidies.
According to The PUNCH, the National Ex-officio of IPMAN and former Chairman of the association in Ogun State, Surajudeen Bada, revealed in an interview that oil marketers currently contribute money to buy 45,000 gallons of fuel and distribute it among themselves.
He ascribed the inability of individual marketers to acquire a truck of petrol to the removal of the petrol subsidy.
He explained that a 45,000-litre tanker of petrol used to cost less than N9m before May 29, 2023.
Recall that at his inaugural speech on May 29, 2023, President Bola Tinubu announced the end of the petrol subsidy regime.
As a result, petrol pump prices rose from around N180/liter to N537/liter before peaking at N617/liter on July 17.
According to Bada, a 45,000-litre truck of petrol that used to cost N9m now costs N27m, which many merchants cannot afford.
Bada, who is also the head of the Ogun State Oil and Gas Traders Association, argued that government policies were harming merchants.
“Government policies have a negative impact on us. Before the start of this government in May 2023, a 45,000-litre truck of petrol was purchased from the depot for more than N8m, not up to N9m.
“However, the same quantity may now be obtained for more than N27m. There is a noticeable difference. As a result, several of our marketers who do not have the N27m working capital are now out of employment.
“What we now do is share the product amongst ourselves. A truck is normally assigned to a petrol station, but we now take a complete truck to roughly three stations. We share between ourselves so that people can see that we are selling and that the product is available in town.
“We contribute money to buy just one truck because someone with N9m who previously ran a business can no longer buy half of a truck with that amount. So two or three people are now gathered to accomplish that.”
