In a startling revelation, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has disclosed that fuel purchase has plummeted by a whopping 50 percent! The blame is placed squarely on the recent surge in pump prices of fuel, leaving marketers in dire straits.
Chinedu Anyaso, IPMAN’s Chairman in Enugu depot, expressed grave concern over the dreadful impact this reduction has had on marketers. He implored the Federal government, spearheaded by President Bola Tinubu, to intervene immediately and alleviate their woes by reducing the pump price of fuel.
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The ramifications of this dire situation are far-reaching, with Anyaso warning that several marketers may face imminent closure, potentially leading to the complete collapse of the downstream sector.
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“Marketers are facing an existential challenge due to low profits as a result of reduced sales affecting their abilities to meet their operational costs and obligations with banks,” Anyaso lamented.
The policy of subsidy removal has dealt a severe blow to marketers’ profitability, causing a sharp decline of about 50 percent in average sales. Such distressing figures have left the industry in turmoil, necessitating swift and decisive action from the government.
IPMAN’s impassioned plea to the Federal Government comes as they desperately seek salvation from this crippling crisis. The reduction in pump prices is seen as the lifeline that could save downstream operations from a catastrophic collapse.
In light of the pressing urgency, all eyes are now on President Bola Tinubu-led Federal government to take decisive action and stem the tide of this impending disaster.
Source Link: Daily Post Nigeria
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