Oil marketers have appealed to the Federal Government to grant them tax relief to ameliorate their suffering due to the harsh economic conditions.
The marketers, under the auspices of the Independent Petroleum Marketers Association of Nigeria, said their investments in the oil sector no longer yield any profit, especially after President Bola Tinubu removed fuel subsidy.
The Vice President of IPMAN, Hammed Fashola, said members of the association were no longer making profits but were just wetting their filling stations to keep them alive.
“To be honest with you, this is a trying period for us as marketers, as IPMAN. In fact, we are not finding it easy at all. If you look at the cost of doing the business, before, we used to buy a truck of PMS at N7.3m; now you must have about N28m before you can procure a 45-litre truck of PMS. Look at that difference. The profit margin is currently zero. We are in a very critical period.
Fashola lamented that IPMAN members do not get direct supply from the Nigerian National Petroleum Company Limited, saying “we are buying from third parties”.
