Oil barons are cry­ing

Daily Trust - - OPINION -

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.

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