Petrol marketers decry ghost buying at petrol stations

Petrol marketers across Nigeria have expressed their concerns over the declining customer turnout at their stations, with petrol prices now exceeding N1,000 per litre at many locations.

During a Monday segment of Channels Television’s The Morning Brief, Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), revealed that marketers are reducing staff and shifts due to the high costs and poor returns. He noted, “Previously, we could purchase 45,000 litres of fuel for under 8.5 million naira, but now it costs about 49 million naira.”

Gillis-Harry added that financial institutions are not supporting them, and high interest rates make sales challenging, with many customers struggling to afford fuel.

IPMAN spokesman Ukadike Chinedu highlighted that filling stations have become less frequented as many middle-class Nigerians have shifted to public transport. He pointed out that most of their investments come from bank loans, which are costly, leading to little return on investment.

Both unions have called on President Bola Tinubu to allocate N100 billion as a support fund for oil marketers, similar to assistance given to the aviation and agriculture sectors.