Fuel Price: Marketers seek N100bn intervention from Nigerian government

Petroleum marketers have articulated their request for a N100 billion intervention from the Nigerian Government, aimed at preventing business collapses in the wake of rising Premium Motor Spirit prices.

Oil marketers are currently awaiting a favorable response from the government regarding their appeal for this substantial intervention fund.

In an exclusive interview with DAILY POST on Sunday, Bill Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association (PETROAN), highlighted the challenges faced by marketers as the cost of a truckload of fuel has surged from N7 million to over N47 million.

He warned that without government intervention, many filling stations across the country may be forced to close their doors.

Gillis-Harry emphasized that the N100 billion request is intended to benefit Nigerians and ensure energy security.

“It has become increasingly difficult to secure funds for purchasing Premium Motor Spirit, as each truckload now costs between N47 million and N49 million, excluding logistics. When logistics are factored in, the total can reach around N50 million.

“As a result, many of our members may find themselves out of business. We urgently need a N100 billion intervention from the Federal Government to sustain our operations. We have submitted a formal request to the government and are currently awaiting their response. I am optimistic that the government will respond positively.

“It’s important to clarify that this is not a subsidy; it is a loan that we intend to repay,” he stated.

DAILY POST has learned that oil marketers submitted their request for the N100 billion intervention in a letter dated October 21, 2024. This plea comes in light of the recent fuel price increase, which saw prices exceed N1,030 per litre nationwide on October 9, 2024.

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