Abubakar Shettima, the national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said that more than 1,000 tankers transport petroleum products valued at N150 billion every day throughout the nation.
He claimed that no marketer would purposefully put his goods on the road without making sure they have the necessary safety precautions in place with such an investment.
Shettima made this revelation to the New Telegraph in response to the recent tanker explosion in Jigawa state that killed roughly 108 people.
The IPMAN national president explained that the value of a petrol tanker alone is approximately N100 million, while the petroleum products inside the tank are valued at N50 million, creating a total of N150 million in petrol investments.
He called on the federal government to fix pipelines so that products can move from one point of storage to another, saying that marketers took risks by investing heavily in products and putting them on the road to move from one part of the country to another.
He said that approximately 1,000 tankers plied the roads every day, indicating that N150 billion worth of petroleum products were distributed nationwide on a daily basis.
Shettima stated:
TimesNow.com.ng reported that oil marketers have crashed petrol prices by N80 from N1,200 to N1,120 as the product’s landing cost crashes.
Data from the Major Energies Marketers Association of Nigeria (MEMAN) shows fuel landing cost dropped to N939.86 on November 1, 2024, from N981 per litre on September 25, 2024.
According to the MEMAN data released on Monday, November 4, 2024, the landing cost of diesel, as of November 1, 2024, stood at N1,048.88, while aviation fuel stood at N1,117.94.
Proofreading by Nkem Ikeke, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
