The Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed that fuel purchase has significantly decreased by 50 percent.

Chinedu Anyaso, the Chairman of IPMAN in Enugu depot, attributed this reduction to the recent hike in the pump price of fuel.

Expressing concern over the adverse impact of this situation on marketers, Anyaso made an appeal to the Federal government led by President Bola Tinubu. He urged the government to consider reducing the pump price of fuel in order to address the challenges faced by the industry.

As per Vistanaij Media’s report, Anyaso also warned that if the situation persists, many marketers may be forced to shut down their operations, potentially leading to the collapse of the downstream sector.

According to Anyaso: “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 per cent. 

“We appeal to the Federal Government to save downstream operations from collapsing by working on reduction in pump prices.”