Oil marketers in the country, under the aegis of the Natural Oil and Gas Suppliers Association of Nigeria, have said they lost over N320 billion worth of investments due to government-imposed product prices in the oil and gas sector.
The marketers, who kicked against the planned industrial action by the Nigerian Labour Congress over hike of petrol pump price and electricity tariff, said they will be forced to lay off staff as the business terrain across the country is becoming increasingly difficult.
NOGASA spokesman, Ukadike Chinedu, who raised the marketers’ concerns in a statement issued in Abuja on Thursday, said many oil marketers were no longer trading as a result of the heavy losses.
Chinedu said: “Some of our concerns are heavy losses of over N320 billion investments from product purchases at government specified prices and sales at compelled price reductions, which could not be justified by the costs of transaction.”
He also disclosed that many members of the association are closing their businesses due to losses.