The Petroleum Product Retail Outlet Owners Association of Nigeria has clarified that the N100bn grant it requested from President Bola Tinubu is a loan and not free money.
Newsmen recall PETROAN recently asking Tinubu for a N100bn grant to help its members cope with the effects of the fuel subsidy removal.
The retailers said the grant would help stem the threat of job losses occasioned by the removal of subsidies.
It could be recalled that Tinubu removed fuel subsidies when he assumed office in 2023, culminating in a sharp increase in the cost of petroleum products, especially petrol and diesel.
Marketers said the cost of lifting a 33,000 truck rose from an average of N7m in May 2023 to N30m in October 2024, when the Federal Government fully deregulated the downstream sector.
As a result, some marketers were reportedly sent out of the business when they could no longer afford the cost.
It was also gathered that some retailers now contribute money to buy one truck of premium motor spirit, which they share to sell in their filling stations.
In a document made available to our correspondent, PETROAN President Billy Gillis-Harry said 10,000 marketers could close shops if the federal government did not support them.
He said, “PETROAN requests a grant of N100bn from President Bola Tinubu to help prevent the closure of 10,000 marketers’ businesses.
“The request is in response to the threat of job losses that would result from the removal of the fuel subsidy.”
Speaking during an interview with newsmen Gillis-Harry explained that the association was not seeking free money, but it wanted the fund to be kept in an energy bank where its members could access loans.
He expressed concerns over the high interest rates in banks.
