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The Independent Petroleum Marketers Association of Nigeria (IPMAN) in the Southeast has said that the hike in the price of products due to the abrupt removal of subsidy was threatening the survival of its members’ businesses.
Mr Chinedu Anyaso, Chairman of IPMAN Enugu Depot Community said average sales had dropped by about 50 percent from May 30 to date.
Anyaso, whose depot serves Anambra, Ebonyi and Enugu States, said marketers were facing low profits as a result of reduced sales.
He said if the negative development was not urgently challenged, many operators would shut down, adding that it would result in the collapse of the downstream sector and the loss of numerous jobs.
According to him, marketers are worse affected by this policy of subsidy removal, profitability has reduced because sales have reduced by about 50 per cent.
“Most marketers are finding it difficult to remain in business because of increasing cost of operation and payment of workers.”
The News Agency of Nigeria (NAN) reported that Premium Motor Spirit now sells for between ₦630 and ₦640 in Awka, the capital of Anambra and its environment.
