Oil Marketers Lose N697.9million Over Delayed Fuel Supply

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Oil Marketers, under the aegis of the Independent Marketers Association of Nigeria, IPMAN, have lamented a N697.9 million loss because the Pipelines Products and Marketing Company (PPMC) has not supplied them fuel in the past three months.

The marketers said the loss was the difference between the price they bought products and the recommended price.

They said they bought fuel at N120 per litre, against the pump price of N86.50 per litre. They said they incurred a loss of N33.50 on a litre amounting to N697.9 million.

On behalf of the marketers, the Managing Director, Ogbos Petroleum Limited, Chigozie Nwozuzu, said marketers have paid N2.5 billion into the Single Treasury Account(TSA) for the purchase of 20.8 million litres between February and April 2016, adding that they were yet to be supplied fuel by the PPMC.

The marketers who have not been supplied fuel, he said, are about 300, adding that many of them have sacked their workers to survive.

He said: “Independent marketers, though not all, have not been able to get fuel, after making payments for the product. Marketers have lost N33.50 each on a litre of fuel and N697.9 million on the aggregate.

The loss came from the disparity between N120 marketers paid per litre and the pump price of N86.50 per litre. Marketers have paid N2.5 billion into the Treasury Single Account, in line with the Federal Government’s directive that marketers must pay into that account to buy petroleum products.‘’

According to Ogbos, the failure of the PPMC to supply them fuel made his outlets in Mbala Isuochi in Abia State and many others in the state, not to have fuel.

He said about 7,000 tickets were given to marketers as evidence of payment for fuel by the PPMC, adding that they were yet to get fuel.

(Bizwatch)

 

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