Many marketers have been forced out of business due to harsh economic conditions- IPMAN

Innocent Raphael

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed that many marketers have been forced to leave the business due to concerns about the harsh economic conditions impacting the industry.

Speaking on Channels TV on Thursday, John Kekeocha, the National Secretary of IPMAN, stated that marketers were facing difficulties securing supplies, particularly for diesel and kerosene, which are primarily allocated to retailers.

Kekeocha also highlighted the violation of business agreements and the financial burden imposed by strict regulations.

“What we see now is the situation where marketers would pay for products for one, two, three months they would not get supplies. We get supplies mainly on PMS, nobody talks about diesel and kerosene because it is exclusively for retailers.

“And if we go by the terms of agreements on this business, all of them have been violated. We don’t have anywhere to cry to, many marketers are going out of the business because they don’t have products. Many marketers are going out of business because of very strict regulatory conditions” he said.

According to him, an average marketer may not afford to continue the business because of the very stringent conditions that have been put into the system, while alleging that retailers were trying to bypass the Petroleum Marketers Association.

“Recently we heard that by the end of March, certain conditions have to be made by marketers. How can a marketer meet those conditions that amount to 4 to 5 million (naira) when you don’t have products year in, year out? It is very embarrassing.

“The retail wants to phase out IPMAN from the business so that they can take over and this not right, it is going cause a lot of scarcity in the country.”