All have not been rosy for the Independent Petroleum Marketers, who have been experiencing difficulties in raising capital for new supply of the Premium Motor Spirit (PMS), feelers have indicated.
Investigations have revealed that before the removal of the subsidy on fuel, ticket price to load a truck at the depots was put at an average of N8.1 million.
However, according to findings, the ticket price to load a truck at the depots, following the removal of fuel subsidy by the Tinubu-led government, now averages N21.8 million–169 percent increase.
The Public Relations Officer of the Independent Petroleum Marketers Association (IPMAN), Chief Chinedu Ukadike, who spoke on the problems facing marketers, at the weekend, disclosed that the financial implications for the independent marketers were dire.
He stated that, “We are facing a terrible situation. Our tickets are stuck. The price now is too high. The challenge is that the one we paid for at the old rate, we were not supplied, and now we have a new rate.
“The ex-depot price is now N484 per litre, depending on the depot you are loading from, compared to the N180 per litre we paid.
“NNPC is the only source of petrol products, and we are saying this is wrong.The government must open the sector up. There cannot be deregulation, and NNPC is setting profit margins for the marketers,” Ukadike said.
Ukadike revealed that the independent marketers in Lagos have 5,700 tickets outstanding; 600 tickets in Port Harcourt and 1, 200 tickets in Warri, Delta State.
He noted that marketers were prepared to compete in the deregulated market, but called on government to provide a level playing field for all marketers.
According to him, “We cannot have only one source of petroleum products, and claim the sector is deregulated. We are ready to compete but the business environment must be the same for every player.”