The Independent Petroleum Marketers Association of Nigeria, IPMAN, has said the fuel hike mostly hits them as sales have been reduced by 50 per cent.
IPMAN’s Chairman in Enugu depot, Chinedu Anyaso, noted that the negative situation had affected marketers, adding that President Bola Tinubu should reduce the pump price of fuel.
He warned that most marketers might shut down, a situation that may lead to the collapse of the downstream sector.
His words:
“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.
“Marketers are worse affected by this policy of subsidy removal, and profitability has reduced because average sales have reduced by about 50 per cent.
“We appeal to the Federal Government to save downstream operations from collapsing by working on reduction in pump prices.”
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