Fuel price: Why marketers requested N100bn intervention from Nigerian Govt

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In light of the increase in the price of Premium Motor Spirit, petroleum marketers have clarified that they have asked the Nigerian government to intervene with N100 billion in order to prevent businesses from collapsing in the days ahead.

This comes as oil marketers stated that they are expecting for the Nigerian government to respond favourably to their proposal for an intervention fund worth N100 billion.

This was revealed in an exclusive interview with ZINGTIE on Sunday by Bill Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association, PETROAN.

He claimed that since the price of a truckload of fuel went up from N7 million to over N47 million, petroleum merchants are struggling to keep up.

He claims that if the government does not intervene, filling stations across the nation might have to close.

Gillis-Harry emphasised that oil merchants asked for a N100 billion intervention to help ensure energy security and benefit Nigerians.

“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.

According to information obtained by ZINGTIE, oil merchants requested the N100 billion intervention in a letter dated October 21, 2024.

This coincides with the recent statewide increase in fuel prices to more than N1,030 per litre on October 9, 2024.

When the commodity was purchased directly from Dangote Refinery, oil marketers had alluded to a potential decrease in fuel prices.

That hasn’t been the case, though.

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