Marketers Attribute Emerging Petrol Queues To N100Bn Bridging Debt

Fuel queues resurface nationwide - Nigeriannewsdirectcom

…Holds Emergency Meeting Today

Richard Ginika Izuora

The Independent Petroleum Marketers in Nigeria says many of its members have shut down operations following their indebtedness to banks.

President of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Okoronkwo said insufficient supply from marketers is building up queues at filling stations especially in Abuja.

Abubakar Maigandi, vice president of the Association also said that they pay N1 million for 1,300 litres of diesel and government pay them N600,000 with shortfall of N400,000 and the accumulated debt is challenging their business.

Maigandi, said marketers buy a liter of diesel at the cost of N700 a liter and since there is no subsidy and government is not paying them it will be difficult to sustain the business.

He called for extension of intervention fund to resuscitate the diesel business or they stop further supply.

Maigandi, said that the federal government has failed to refund twelve months products bridging claims which has risen to about N100 billion.

“We are still loading but some marketers have shut down operations because they are highly indebted to the banks and cannot sustain operations. Only few are just operating and cannot satisfy current demand.” Okoronkwo explained.

Meanwhile, Okoronkwo said an emergency meeting of marketers is scheduled for today Monday, to discuss about huge debt trapped at the Petroleum Equalization Fund. The outcome he said will determine marketers next line of action.

Meanwhile, the situation in Lagos remain calm as petroleum outlets have sustained supply.

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