Oil barons are crying
So the chicken has come home to roost, the worst hit are the independent oil marketers are now the worst hit since increase in the petrol price from N86.5 per litre to between N135 and N145 per litre.
Today, the ex-depot price of petrol, which used to be less than N90 per litre, depending on the depot, had increased to about N134 per litre, therefore many of the affected marketers are finding it difficult to raise enough funds to load products.
We are told the number of operators is reducing by the day because of the cost implication in the business. To pick 33,000 litres of the PMS in one petrol tanker, you need about N5m, whereas in the past, it used to be about N2.7m. But right now, you need at least N4.7m to do that. And if you multiply 33,000 x N145= N4.78m so there is little or no gain and this has forced a number of operators out of the business. What goes round comes round of course, people are being very cautious nowadays about how they use fuel.
Ndagi Mamudu, Minna, Niger State 08099926331.