Lagos — Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Wednesday, raised the alarm over the threats posed to the businesses of its members by the recent reduction in the price of Premium Motor Spirit, also known as petrol, by the Federal Government.
In a statement Abuja, signed by its National President, Dr. Billy Gillis-Harry, and Assistant National Secretary, Ogbuefi Erasmus, PETROAN lamented that the reduction in fuel price had impacted their businesses negatively and posed a serious risk to their operations.
The group noted that to cushion the effects of the sudden price review on its businesses, the Federal Government should immediately set up an intervention fund for the marketers, to be managed by the Central Bank of Nigeria (CBN) and disbursed to its members in form of soft loans.
It said, “Our association wish to bring to the notice of the Federal Government, the challenges of Petroleum Products Retail Outlets Owners in Nigeria. Our members have recorded massive losses from 19th of March 2020 when the first reduction was announced by the Federal Government.
“With the further reduction in price by the Federal Government our members again will lose a sizable amount of money which will impact negative in their buying power, which will inevitable spiral down to reduction in patronage of the government approval petroleum products distribution depot.
“We therefore wish to appeal to the Federal Government, PPPRA and other relevant stakeholder to come to our aid by urgently setting up an intervention fund to be midwife by the CBN and disburse to our members in form of soft loans so as to cushion the effect of the PMS price reduction on the businesses of our teeming members and to guarantee replenishing re-investible capital.”
However, the group commended the Federal Government for reducing the price of the commodity, while it restated the willingness of its members to comply with the new price.
It said, “The leadership of the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, and our teeming members nation-wide woke up to the cheering news of reduction in the price of Premium Motor Spirit, PMS, popularly known as “petrol” by the Federal Government of Nigeria in the face of the ravaging pandemic of COVID-19 and its attendant economy down turn globally.
“We sincerely commend the Federal Government for this great and wonderful initiative borne out of genuine concern for the citizens of this great nation. We wish to therefore seize this opportunity to express our heartfelt appreciation and happiness at this edifying gesture by the Federal Government of Nigeria under the distinguish leadership of President, Muhammadu Buhari, ad the Honourable Minister of State for Petroleum Chief Timipre Silva for, once more, showing excellent leadership in times of need and in the face of a global crisis.
“We, the members of PETROAN as obedient citizen of the Federal Republic of Nigeria and partners in progress with the Government of the Federal Republic of Nigeria, are very willing to obey and comply with the new reduction in pump price of Premium Motor Spirit as this we are confidence will help reduce the effect of the COVID-19 pandemic on the Nigeria.”