Petrol marketers on Tuesday called for urgent intervention by the Federal Government to urgently address the increase in the pump price of diesel to prevent an imminent distribution crisis.
Under the aegis of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), the marketers said they can no longer sustain the distribution of petrol and other products nationwide as the price of diesel used to power their trucks now sells for N1,100/litre in many locations.
In a statement, the association’s president, Mr Benneth Korie, said that diesel has witnessed incessant hike in prices in recent months, a development he said has been worsened by marketers’ inability to secure cheap bank loans.
“NOGASA is worried about the ugly development and trying to understand why prices of diesel are going as high as N950 to N1,100 per litre in the market with a view to moderating the prices and shocks in the economy,” the statement read.
While lamenting that the rapidly rising diesel price was evidently causing hardships in haulage transportation and commuting alike, Korie called on the government to intervene before the sector gets grounded and derails the anticipated growth.
He assured that finding lasting solutions to the incessant hike in diesel prices will be a major issue that will be addressed by the union at its annual general meeting (AGM) coming up in October.