The Independent Petroleum Marketers Association (IPMAN) on Thursday demanded palliative measure from the Federal authorities to cowl losses inflicted by the sudden discount on pump prize.
The Federal Government on Wednesday introduced the discount of pump worth of gas from N145 per litre to N124 per litre owing to drastic fall within the world demand.
Addressing journalists on Thursday in Kano, IPMAN chairman in Kano, Alhaji Bashir Danmalam, lamented that the urgency within the pronouncement has created untold losses to members who’ve massive inventory of merchandise.
Danmalam harassed the demand grew to become essential in view of the truth that 95 per cent of its members who’ve previous shares of the commodity would incur an enormous loss following the discount of the gas pump worth.
“Even although we’re pleased with the brand new growth and the Federal Government must be counseled for the gesture however the authorities ought to take into account the truth that a lot of our members with previous shares will incur an enormous loss.
According to him, the palliative measures would go alongside approach in lowering the loss the entrepreneurs will incur since most of them have the previous shares which have been alleged to be disposed on the N145 per litre so as to get better their cash.
“Even earlier than the announcement, a lot of our members have already purchased and loaded their autos with the product at previous costs from Lagos, Port Harcourt and Warri.
“So by the time they reach their various destinations, they must sell the product at N125 per litre instead of N145 per litre which means they will have to incur some losses as there will be a margin of N20,” Danmalam mentioned.
With directive of fast compliance by the Federal authorities, remark indicated that unbiased entrepreneurs are but to regulate to the brand new prize in Kano.