The Nigerian Petroleum Product Retail Outlet Owners Association has made it clear that the N100 billion grant it asked President Bola Tinubu for is a loan, not free money.
PETROAN had recently requested that Tinubu grant N100 billion to assist its members in adjusting to the consequences of the elimination of fuel subsidies.
After the Federal Government completely deregulated the downstream industry in October 2024, marketers reported that the average cost of lifting a 33,000 truck increased from N7 million in May 2023 to N30 million.
According to reports, some marketers were consequently forced out of business because they could not cover the expenses, BusinessDay reported.
Additionally, it was discovered that certain stores now help pay for the purchase of a single truck of premium motor spirit, which they then distribute to their filling stations.
Billy Gillis-Harry, the president of PETROAN, stated in a paper sent to our correspondent that 10,000 marketers could shut down their stores if the federal government did not assist them.
He said,
Speaking during an interview with our correspondent, Gillis-Harry explained that the association was not seeking free money, but it wanted the fund to be kept in an energy bank where its members could access loans.
In a similar vein, Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, requested that a unique bank, similar to the soon-to-be Africa Energy Bank, be established to handle the issues of marketers who require loans.
He said,
TimesNow.com.ng reported that the sales Purchase Agreements (SPAs) will be signed with a few refineries today by the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN).
The agreement would be inked in Port Harcourt, Rivers State, the association notified the parties.
Previously, Dangote Refinery and MRS signed a deal for the distribution of gasoline through their retail locations nationwide at a price of N935 per liter.
Source: TimesNow.com.ng
