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.