Yesterday, The Petroleum Product Retail Outlet Owners Association of Nigeria (PETROAN), demanded compensation from the Federal Government to its members across the country for losing over N10 billion following the slash on the fuel pump price of fuel.
Recall that the Federal Government announced the reduction of fuel pump price from N145 per litre to N125 per litre, last week Wednesday.
Prince Billy Harry, the PETROAN’s President, while speaking with Journalists in Lagos, called on the Federal Government to come up with palliative measures to support its members who have to incur over N10billion losses due to the sudden reduction in fuel pump price.
Harry, also the National Vice President, Nigeria Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA), said that in Rivers alone, the marketers are losing about N300 million as a result of sudden change.
He explained that: “As at the time the government makes the announcement, many of us just bought the new product at the old price. For instance, we bought this product at N133.28k per liter and to be sold at N145 litre. But now the government said we should sell at N125 per litre.
“We are losing about N20 on each litre”, he added.
Harry specifically said: “Now in Rivers alone, the statistics we have at the moment says that about 15 million litres have been bought at the old rate. Now when you multiply that by N20 loss, which gives us about N300 million losses.