Fuel price: Marketers demand refund from govt

Fuel marketers on Tuesday demanded a refund from the Federal Government as a result of the “enormous loses” they recorded due to the abrupt reduction in the pump price of petrol by N10 per litre.

The Federal Government on January 18, 2015 announced a reduction in the pump price of petrol by N10 from N97 to N87 per litre.

The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, said the reduction, which took immediate effect, was because of the recent drastic fall in the prices of crude oil in the international market.

Speaking at the annual oil and gas marketers meeting organised by the DPR in Abuja, the fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria and the Major Oil Marketers Association of Nigeria stated that the announcement by the Federal Government came to them as a surprise, as they had no prior knowledge of a planned reduction in fuel price.