Fuel marketers in the South-West under the umbrella of Independent Petroleum Marketers Association of Nigeria have threatened to stop dispensing oil over huge losses being incurred.
IPMAN Chairman in the South-West, Mr. Debo Ahmed said many of the members have threatened not to lift oil once they exhaust their stock while others have already stopped.
Ahmed said fuel was expensive in private depots.
He said, “The result of this is that about 90 per cent of our members who can no longer continue with the business, have already stopped lifting fuel while the remaining 10 per cent have threatened to also close down their stations if nothing was done to remedy the situation this (last) week.
“Unfortunately we cannot sell above the pump price of N145 per litre in the South-West if we don’t want to incur the wrath of the Department of Petroleum Resources. Our colleagues in the North, South-East and South-South are running their own businesses because they are selling above the pump price.”
He urged the government to deregulate the petroleum sector.