The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that, the business of its members is extremely under pressure since the removal of the petrol subsidy.

National President of the association, Chinedu Okoronkwo, stated this while speaking at a public hearing before the House of Representatives Ad-hoc Committee investigating the recent hike of petrol pump price on Tuesday.

According to him, in Ibadan, Oyo State, alone, over 40 members have put up their filling stations up for sale adding that, hundreds of others in other parts of the country are doing the same because of the hard business environment.

He said many members who sold a truck in three days now sell the same quantity for a month.

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Okoronkwo said a truck is about N25 million, out of which they don’t make a N500,000 profit, adding that the gain is not enough to pay workers’ salaries and take care of other demands like taxes.


The IPMAN chairman lamented that the defunct Petroleum Equilisation Fund (PEF) and the Nigeria National Petroleum Corporation Limited (NNPCL) are holding on to N750 billion equilisation money owed to its members.

According to the chairman, while PEF is holding on to N250 billion, the NNPCL is holding on to N500 billion.

IPMAN however advised government to set up structures to encourage the use of Compressed Natural Gas (CNG) as an alternative.

According to him, Nigeria should utilise the abundant gas which is being flared annually as a viable alternative energy source to fuel vehicles.

Earlier in his remark, Chairman of the Ad-hoc Committee, Babajimi Benson said, the Ad-hoc Committee was set up to investigate the circumstances surrounding the increase of the pump price from N537 to N617.

“Petroleum is unarguably the lifeline of the Nigerian economy and any increase in its price will undoubtedly result in ripple effect on price of goods and services especially food stuff.

“Statistics show that Nigerians spend an average of 80% of their incomes on food alone. This is why we fear that this recent increase will further push Nigerians deeper below the poverty line.


“This committee is confident that government mean well for Nigerians and have its justification for this action. This is what we want to hear at this investigative hearing. Nigerians need to understand the rationale behind this action,” he said.



https://dailytrust.com/subsidy-removal-marketers-putting-filling-stations-for-sale-over-poor-sales-profit-ipman/

They finished the country with subsidy money

Nigeria is finished

This selling of filling stations go favour me and my family

FOOLS!

If man was God

I could have changed everything

They have to close since there is no fuel to divert to Benin/ cameroun again.

Bunch of criminal

Afamed:
They have to close since there is no fuel to divert to Benin/ cameroun again.

Bunch of criminal

Sharap. Tulumbu is the criminal here

Afamed:
They have to close since there is no fuel to divert to Benin/ cameroun again.

Bunch of criminal

The economy is going down bro

AdamuKD:

Sharap. Tulumbu is the criminal here

Election is over. No need for pseudo moniker again , Achalugo

Ofunaofu:


The economy is going down bro

You are right, the economy is going down for those who used to divert the fuel to Cameroun, Chad, Benin.

But for Rain oil, Matrix who are genuine oil market, they are smiling to the banks

Alchemy528:
Nigeria is I am finished

Noted

AdamuKD:

This selling of filling stations go favour me and my family

FOOLS!

Your bitter tears go favour me too 😂

After selling petrol stations, they should start selling their tankers and recycle it to become another product. At least it would reduce seeing tankers on the road.
Una never jam!

backtovillage:

Your bitter tears go favour me too 😂

Na hunger, poverty and depression go favour you and your wretched family mumu

Afamed:


Election is over. No need for pseudo moniker again , Achalugo

Achalugo kee there

Taylor90:


This one don craze

Concentrated madness for that matter

Agric energy & manufacturing are still alive. Choose one to switch to.

TINUNOMICS IS WORKING VERY WELL AND FAST.

Thank God


But why are Ndi sit at home crying profusely 😄😀😂

Ekpa should extend the 2 weeks to 2 months 😂😀😄

We will use sit at home to reset that ur pangolo, coconut and hate filled skull 😄😀😂

Afamed:


You are right, the economy is going down for those who used to divert the fuel to Cameroun, Chad, Benin.

But for Rain oil, Matrix who are geneine oil market, they are smiling to the banks

You no even sabi spell, you dey attack people up and down cause of Tinubu.. .

Bros, e for pay you better if you use this time, energy and resources take go back school. So that when you return, you'll be able to spell "genuine", at least.

AdamuKD:

Na hunger, poverty and depression go favour you and your wretched family mumu

Your wailing is favouring us.
You cry tire on this forum 😂

Tinubu, the master strategist. In just 2 months, he has rendered millions of Nigerians jobless. He has wiped out the savings of most Nigerians.

TINUBU IS WORKING nlfpmod

Ñnpc downstream would buy it

Many petrol attendants will be jobless.......

Omooba77:
Many petrol attendants will be jobless.......

that's the Nigeria that the likes of Helinues and Seunmsg, afamed prayed for..

Let no one complain when armed robberies in Lagos increase

Like they say, water will always find its level.
During the boom period, these guys were making a kill, enough money to last several life times (for the prudent).
So if things are changing in the new regime and they feel the heat in the kitchen is much, then it might be time for them to get out.

001Lagos:
that's the Nigeria that the likes of Helinues and Seunmsg, afamed prayed for..

Let no one complain when armed robberies in Lagos increase

Truth is that, these people are suffering too, but must support their party affiliations and ideology........
Suffering doesn't have religious or party colouration...
.....

Day169:
Like they say, water will always find its level.
During the boom period, these guys were making a kill, enough money to last several life times (for the prudent).
So if things are changing in the new regime and they feel the heat in the kitchen is much, then it might be time for them to get out.

How much is their salaries.......
.