In a recent development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has made a noteworthy assertion, revealing a significant decline of 50 percent in the acquisition of fuel.
In a recent development, Chinedu Anyaso, the esteemed Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Enugu depot, has attributed the decrease in fuel supply to the recent surge in pump prices.
Expressing concern over the adverse impact on the marketing sector, Anyaso passionately implored the esteemed President Bola Tinubu-led Federal government to consider implementing a reduction in the current pump price of fuel.
In a recent report by NAN, it has been highlighted that a grave concern has been raised regarding the potential closure of a significant number of marketers. This alarming development, if left unaddressed, could have dire consequences for the downstream sector, potentially leading to its complete collapse.
In the words of Anyaso, a prominent figure in the industry, it is evident that marketers are currently grappling with a pressing existential predicament. This predicament stems from the adverse impact of diminished sales, which in turn has severely hampered their capacity to generate satisfactory profits. Consequently, this dire situation has impeded their ability to fulfill their operational expenses and meet their financial obligations to banking institutions.
In the realm of economic policy, the removal of subsidies has had a profound impact on marketers, leaving them in a state of considerable distress. The repercussions of this policy shift have manifested in a notable decline in profitability, as average sales have experienced a significant reduction of approximately 50 percent.
In a fervent plea to the Federal Government, concerned stakeholders are urgently calling for decisive action to avert the imminent collapse of downstream operations. The focal point of this urgent appeal lies in the pressing need for a substantial reduction in pump prices, a measure deemed crucial to the preservation of the sector’s stability.