Petroleum products marketers have warned that retail outlets are shutting down operations due to increasing cost of running the business.

Speaking during the National Executive Council meeting of the Natural Oil and Gas Suppliers Association of Nigeria, NOGASA, in Abuja, the marketers faulted the process followed by President Bola Tinubu in the removal of subsidies on petrol, saying measures that ought to have been in place before the removal were not taken.

The marketers insisted that the nation’s refineries ought to have been operational and issues around foreign exchange resolved before the petrol subsidy was removed.

The marketers questioned the Federal Government’s inability to end the illicit trading of dollars in the country.

Speaking at the meeting, NOGASA President, Mr. Benneth Korie, warned that the downstream in the country was under serious pressure as stations were shutting down due to harsh operational conditions.

He stated: “Depot owners are so terribly affected by the increasing cost of the crude and exchange rate to the extent that many depots are practically deserted as their owners are unable to secure bank loans to fund their business due to high interest rates.

“Banks are not willing to guarantee funds release to stakeholders as a result of the difficulty, instability and galloping foreign exchange rate. Many depots are presently dried up or out of stock.

“Worst hit are filling stations whose owners find it extremely difficult to secure funds to procure products for their retail outlets and both the independent and major marketers are so terribly affected that as at today, filling stations are shutting down in great numbers on a daily basis and dealers are going out of business with many more on the verge of bankruptcy because of their inability to secure funds to facilitate orders for their stations”.

Source: https://www.vanguardngr.com/2023/10/petrol-stations-shutting-down-marketers-warn/amp/

What a country, now Tinubu is the president, it goes beyond our turn. He got the Power, under him, things are failing apart, from gas, PMS, dollars to Naira etc. If he fails to reverse the decision on subsidies, I foresee government may collapse God forbid though

Most of them were reaping massively from the opaque subsidy system and occasional fuel scarcity during which they hike prices sky high. They will have to innovate or die. Check my signature for free stuffs!

Na my turn

Go buy camel and horses and also prepare funds for agbero.

Its gone

Blame the drug kingpin of a certificate forger who conered the Petroleum Ministry into his emilokan bullion van.

"Tinubu is a developer", " Tinubu is a transformer", "Tinubu is a builder", "Tinubu is a progressive ". All na wash

Shameless corrupt thief

🤦‍♂️🤦🤨🤭

A lot of marketers should have seen this coming.

The wise marketers leased out their filling stations to the NNPCL

A lot of them didn't believe subsidy will be remove.

they have been making a lot of profits in the past, I wander how they are folding up this fast.

It's never getting any better. The suffer just began. This economy is not smiling at anyone, it's hitting hard on everyone and the so called leaders are the main problem of all these problems.

This government is killing this nation in broad daylight

Story, not in nigeria

Petrol stations wey dey like cash out during fuel crisis

I blame Bola Ahmed Tinubu the certificate forger

.. tinubu had no choice than to bring back subsidy.

He never understand how the system work. Before he announced subsidy is gone. He should ask buhari how far. Buhari remove subsidy more than 3 times. As dollar goes up he will reintroduce Subsidy with dollars subsidy and crude oil swap.

Tinubunomics....you ain't seen nothing yet！I see dark cloud hovering over this nation and we cant hope to be blessed with the grace of prosperity as a nation. We have choosen leaders that revels with impunity in the worst forms of corruption and misrule.
My heart bleeds！
In the midst of this biting hardship,the presidents son travelled with the presidential jet to Kano,to go and watch a Polo match. We are finished as a nation.

Renewed Shege Jagabanza is touching everyone.

Nah God know wetin baba Fela go sing if him dey alive now, suffering and smiling but the one na suffering and crying, Eedris wey sing jaga-jaga don see the one wey jaga pass ham from Jagaban...


Tinubu don make olden dey Nigeria be like paradise

A serious crisis is brewing!

Nigeria is facing a lot

FreeStuffsNG:
Most of them were reaping massively from the opaque subsidy system. They will have to innovate or die.

Actually, it's not them that will die!! It's YOU!

It's now red. Tinubu is falling hands!
Tinubu what can you do?
Do your best and shame your haters!

Savechild23:
Nigeria is facing a lot

You can say that again

Most businesses are struggling at this time

Ebola thief-nubu

Again!
Remote job is the best.
Thank God.

Ok

Where those Fuel subsidy removal will favour my family..

Everybody dun humble

Noted.