Oil marketing firms operating in Nigeria have reacted over the reduction of the price of a litre of petrol from N97 to N87 by the Federal Government. The marketers criticised government over the decision to reduce the pump price of petrol without compensating them for the loss of N10 per litre on product procured at a higher rate in the international market.
Citing alleged record of huge revenue losses on the account of government’s recent reduction of petrol pump price from N97 per litre to N87, petrol marketers are demanding refund from government to cushion the shocks from the unexpected price slash.
At a meeting with the Department of Petroleum Resources (DPR) in Abuja, they noted that the abrupt reduction in the pump price of petrol by N10 per litre had left them with “enormous losses.” They however, did not quantify the alleged financial loss.
Under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and Major Oil Marketers Association of Nigeria (MOMAN), the marketers stated that the announcement by the federal government came to them as a surprise and they had no prior knowledge of a planned reduction in fuel pump price.
IPMAN’s Vice-President, Matgandi Shettima, said the marketers had to comply despite the fact that they were not informed.
“The price reduction came to many of us as a surprise. This is because we had lots of stock in our underground tanks before the announcement was made. We had to comply as responsible citizens but the fact remains that we were taken unawares,” Shettima said.
Similarly, a representative of MOMAN, Wasiu Alade, said the price reduction was tough for many marketers to comply with as directed by government.
However, responding to the demands of the marketers, the Chief Regulatory Officer, Planning, PPPRA, Michael Nwonu, said he would not comment on the issue as it was coming at a sensitive period when the country was preparing for elections.
Source-Daily Independent