The President of Petroleum Products Retail Owners Association of Nigeria (PETROAN) Dr Billy Gillis-Harris had posited on National Television that PETROAN’s request for 100 billion naira Intervention fund is not prescription for anarchy that PETROAN is diirectly involved in making this economy better by providing PMS which is a critical component in our own economic growth.
Newsconnect reports that Dr Reuben Abati on the Morning Show on Arise News among other things had said everybody is vulnerable in Nigeria as a result of removal of fuel subsidy. If PETROAN single itself out and requested for 100 million grant, would it not be an avenue for other credible association which include the media and many others to also request for grant to cushion the effect of fuel subsidy since everyone is affected.
In his words, he said;
“We do not expect that everybody is going to ask, we are not saying give the money to PETROAN, we are saying set-up an energy bank and fund it and give access to anybody who is in the industry.
“In PETROAN our membership strength is about 6700. Before removal of fuel subsidy, retail outlet owner can go to NNPC and buy product for less than 9 million naira.
“Today that is not the case. That cost a lot of money at least 36, 28, 39, 40 percent interest from the banks. The moment you fail, you are at the verge of losing your retail outlet if you use that as a collateral and any other things that came in as collaterals.
“The banks would ask for your grandmother and grandfather assets and whatever. Many retail outlets can’t buy products. And if they can’t buy to sustain the supply of product in the station what is going to happen?
“You will be driving several Miles just to buy a product you could get when you drive 400 metres. It stops the retail outlets from contributing to the labour force of this country, that is a problem we need to mitigate.
“When this becomes the situation, what a credible and patriotic organisation like us do is analysis. We may advise both the government and private sector and even us as the player on how we are going to address these issues and we get answers”.
“100 billion is just a little drop in the budget of Nigeria”. Billy posited.b
PETROAN had issue a press statement yesterday asking for the privatisation of Kaduna and Warri Refinery and requesting 100 billion grant to support businesses in their sector as a result of removal of fuel subsidy.