The Independent Petroleum Marketers Association of Nigeria (IPMAN) has begged the federal government of Nigeria to reduce fuel pump prices nationwide.
IPMAN explained that the purchase of fuel has reduced by 50 percent following the recent N617 per liter increase of the product.
IPMAN’s Chairman in Enugu depot, Chinedu Anyaso lamented that the removal of fuel subsidy affected marketers negatively.
He urged the Tinubu-led administration to reduce the pump price of fuel as the situation might lead to a collapse of the downstream sector.
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The above was because most marketers might shut down.
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Anyaso said;
“Marketers are facing an existential challenge due to low profits as a result of reduced sales affecting their abilities to meet their operational costs and obligations with banks.
“Marketers are worse affected by this policy of subsidy removal, profitability has reduced because average sales have reduced by about 50 percent.
“We appeal to the Federal Government to save downstream operations from collapsing by working on reduction in pump prices.”
