Marketers Speak on Delivering N150bn Petrol Across Nigeria as Filling Stations Crash Prices
- IPMAN president has said over 1,000 tankers move petroleum products worth N150 billion across the country on a daily basis
- He said with such investment, no marketer would deliberately put his products on the road without ensuring proper safety measures
- He disclosed this while reacting to the recent tanker explosion incident that claimed about 108 lives in Jigawa state
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Abubakar Shettima, the national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said that more than 1,000 tankers transport petroleum products valued at N150 billion every day throughout the nation.
Source: UGC
He claimed that no marketer would purposefully put his goods on the road without making sure they have the necessary safety precautions in place with such an investment.
Shettima made this revelation to the New Telegraph in response to the recent tanker explosion in Jigawa state that killed roughly 108 people.
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The IPMAN national president explained that the value of a petrol tanker alone is approximately N100 million, while the petroleum products inside the tank are valued at N50 million, creating a total of N150 million in petrol investments.
He called on the federal government to fix pipelines so that products can move from one point of storage to another, saying that marketers took risks by investing heavily in products and putting them on the road to move from one part of the country to another.
How many tankers deliver fuel daily?
He said that approximately 1,000 tankers plied the roads every day, indicating that N150 billion worth of petroleum products were distributed nationwide on a daily basis.
Shettima stated:
“Normally if you look at our Nigerian roads, despite the fact that government has been trying its best, the pressure on the roads is still too much, because any good you want to transport you have to use the roads.
“So we are appealing, if it’s possible, let all these pipelines from depots all over the country be repaired so that they will be pushing these products to the nearest depots without plying the roads."
Meanwhile, Nigerians have recently lamented on the increase in the cost of petrol across the country.
Sophia Abodunrin said,
"The cost of petrol continues to skyrocket, yet no one (Nigerian leaders) is saying anything about it. Is it until we start buying petrol at N5,000 per litres before they begin to take the matter seriously?"
Filling stations crash petrol prices by N80
Legit.ng reported that oil marketers have crashed petrol prices by N80 from N1,200 to N1,120 as the product's landing cost crashes.
Data from the Major Energies Marketers Association of Nigeria (MEMAN) shows fuel landing cost dropped to N939.86 on November 1, 2024, from N981 per litre on September 25, 2024.
According to the MEMAN data released on Monday, November 4, 2024, the landing cost of diesel, as of November 1, 2024, stood at N1,048.88, while aviation fuel stood at N1,117.94.
Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.
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