The Oil marketers have called for soft loans from the Federal Government to help cushion the effects of the new pump price following the unexpected impact of the recent reduction in the price of petrol in the country.
The new N123.50 per litre petrol price was announced by the Petroleum Products Agency, PPA, and this has generated different reactions from stakeholders in the country.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) had directed its members to ignore the new N123/litre petrol price on the grounds that the Petroleum Products Pricing Regulatory Agency failed to carry IPMAN along before announcing the price.
The National President, Independent Petroleum Marketers Association of Nigeria, IPMAN, Sanusi Fari, called on the PPPRA to carry independent marketers along when fixing petrol price, as he noted that the association would comply with the new price.
However, the Department of Petroleum Resources, DPPR, is set to enforce the compliance of the new pump price as it urged the Petroleum Products Pricing Regulatory Agency, PPPRA to sort things out with the marketers, as it mandated is to enforce the new price.
Also, the National President, Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Mr. Billy Gillis-Harry, urged the Federal Government to come to the aid of marketers going by the sudden slash in petrol price.
He noted that members of PETROAN would comply with the new price order noting that marketers needed soft-loans to cushion the huge losses being incurred as a result of the petrol price slash.
According to him “Our members recorded massive losses from 19th of March 2020 when the first reduction was announced by the Federal Government. With the further reduction in price by the Federal Government, our members will again lose a sizeable amount of money, which will impact negatively on their buying power.”
He added, “We appeal to the Federal Government, the PPPRA and other relevant stakeholders to come to our aid by urgently setting up an intervention fund to be midwifed by the Central Bank of Nigeria and disbursed to our members in form of soft loans.
“This will cushion the effect of the PMS Price reduction on the businesses of our teeming members and guarantee the replenishing of capital.”