Business
Nigeria’s oil market is facing a critical issue, with over 10,000 marketers at risk of shutting down their businesses within the next 45 days.
The price of a truckload of Premium Motor Spirit (PMS) has skyrocketed from N7 million to N47 million in just 16 months, severely affecting trading capital.
Dr. Joseph Obele, PETROAN’s National Public Relations Officer, revealed that a recent meeting indicated the impending closures, prompting a letter to President Bola Tinubu requesting a N100 billion grant to mitigate the crisis.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) confirms a decline in fuel consumption, forcing members to reduce fuel purchases. For instance, those who previously bought 10 trucks now can only afford eight. This reduction has resulted in job losses for truck drivers and petrol station employees nationwide.
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) emphasizes that the downstream sector is most affected, with members facing significant challenges ¹. The situation is unfolding, making it difficult to provide exact statistics on those affected.
In a related development, oil marketers’ revenue reached a seven-year high of N1.2 trillion last year, driven by the elimination of subsidies. However, this growth hasn’t trickled down to alleviate the current crisis.
The grant request and ongoing challenges highlight the need for urgent intervention to stabilize Nigeria’s oil market and protect livelihoods.
-
Business6 days ago
Petrol marketers have imported 123 million liters and are in ongoing discussions with Dangote.
-
Business4 days ago
The Rivers State Government is calling for the documentation of all hotel guests ahead of the yuletide season.
-
News6 days ago
Include Niger Delta interest in your energy transition Plans – CSOs, stakeholders Urge Nigerian govt
-
News6 days ago
11 killed as cult groups clash in Anambra
-
News5 days ago
SAD NEWS: 28-Year Old Woman Allegedly Cuts Husband’s P€nis During Fight
-
Politics4 days ago
Edwin Clark: Tinubu Administration Running A ‘One-Man Show’, No Basis For Scrapping Ministry Of Niger Delta Affairs
-
Politics3 days ago
PDP Blast Tinubu Over Cabinet Reshuffle, Questioning New Ministers Appointment.
-
News6 days ago
Marketers Resume Petrol Importation as Dangote Refinery Fails to Meet Target