Petrol marketers in Nigeria are voicing their frustrations over the low foot traffic at their retail stations, where petrol prices have surged past N1,000 per litre at many outlets.
In a recent appearance on Channels Television’s The Morning Brief, Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), mentioned that due to the steep prices and minimal returns, marketers are having to downsize their workforce and shifts. He stated, “Just a few months ago, we could buy 45,000 litres of fuel for less than 8.5 million naira; now we’re paying around 49 million naira for the same amount.”
He emphasized that banks are not providing assistance, and the high cost of borrowing complicates sales, as many Nigerians face challenges with their purchasing power.
IPMAN spokesperson Ukadike Chinedu added that many filling stations have become deserted, as middle-class citizens are opting for public transportation instead of using their vehicles. He noted, “A significant portion of our investments relies on bank loans, and with high interest rates, there’s little to no return on what we sell.”
The two organizations are urging President Bola Tinubu to consider a N100 billion seed fund to support oil marketers, akin to the aid extended to the aviation and agricultural industries.