Posted by There has been a 50% drop in fuel purchases, according to IPMAN (Independent Petroleum Marketers Association of Nigeria).
Chairman of IPMAN’s Enugu depot, Chinedu Anyaso, attributed the cutback to the rising cost of gasoline at the pump.
Anyaso expressed regret over the effect the crisis was having on business owners and demanded that the Federal government, now led by President Bola Tinubu, lower gas prices.
According to NAN, he expressed concern that the majority of marketers could close, which could cause the downstream industry to fail.
Anyaso argues that the inability of businesses to cover their operating expenses and debts to financial institutions is a serious threat to their very survival because of the poor earnings they are experiencing as a result of declining sales.
As a result of this policy of subsidy elimination, retailers have seen a decline in profitability of around 50 percent as a result of falling average sales.
To prevent the collapse of downstream businesses, we are pleading with the federal government to take action to lower pump costs.