Independent Petroleum Marketers Association of Nigeria (IPMAN) has declared that some of its members have shut down operations following their indebtedness to commercial banks.
President of IPMAN, Chinedu Okoronkwo, said insufficient supply from marketers was building up queues at filling stations across the country, especially in Abuja.
Also speaking, Vice Chairman of the association, Abubakar Maigandi, disclosed members of IPMAN pay N1 million for 1,300 litres of diesel, while the government pay them N600,000 with shortfall of N400,000 and that the accumulated debt was challenging their businesses.
Read Also: FG to train young farmers abroad on livestock, crop production
They stressed that marketers buy diesel for N700 per litre and since there was no subsidy and government refused to pay them, it would be difficult to sustain the business.
Maigandi, who advocated an extension of intervention funds to resuscitate the diesel business or they will stop further supply, said the Federal Government has failed to refund 12 months products bridging claims, amounting to about N100 billion.
“We are still loading, but some marketers have shut down operations because they are highly indebted to the banks and could not continue to sustain their operations. Only few of our members are now operating and cannot satisfy current demand, he stated.
Click on The Trumpet to follow us on our facebook page for more:
