Fuel price: Why marketers requested N100bn intervention from Nigerian Govt

Petroleum marketers have explained that they requested N100 billion intervention from the Nigerian Government to save businesses from collapse in the coming days amid the hike in the price of Premium Motor Spirit.

This comes as oil marketers said that they are awaiting a positive response from the Nigerian Government on their request for a N100 billion intervention fund.

The President of Petroleum Products Retail Outlets Owners Association, PETROAN, Bill Gillis-Harry disclosed this in an exclusive interview with DAILY POST on Sunday.

He said petroleum marketers are finding it difficult to cope as the cost for a truckload of fuel increased to over N47 million from N7 million.

According to him, filling stations in the country may be forced to shut down if the government does not intervene.

Gillis-Harry stressed that oil marketers requested for N100 billion intervention for the benefit of Nigerians and energy security.

“It is difficult to raise money to buy Premium Motor Spirit because each truckload of petrol is about N47 million to N49 million without logistics. By the time you add logistics, you are talking about N50 million.

“So most of our members may be out of business. We need N100,000 billion intervention from the Federal Government to remain in business. We have written a request letter to the government.

“We are waiting for a response from the government. I am sure the government will response positively.

“It is not a subsidy because it is money we will pay back,” he said.

DAILY POST gathered that oil marketers had written a letter dated 21 October, 2024, requesting the N100 billion intervention.

This comes amid the recent fuel price hike to over N1,030 per litre nationwide on October, 9 2024.

Oil marketers had hinted at possible fuel price reduction upon direct purchase of the product from Dangote Refinery.

However, that has not been the case.