The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have urged the Federal Government to set up intervention fund to help cushion losses incurred by marketers over reduced pump price of petrol.

The association made the call in a statement jointly signed by its President, Dr Billy Gillis-Harry and the Secretary, Mr Ogbuefi Erasmus, in Abuja, on Wednesday.

“We, the members of PETROAN as obedient citizens of Nigeria and partners in progress with the government, are very willing to obey and comply with the new reduction in pump price of Premium Motor Spirit (PMS) also known as petrol”.

“We are confident that this will help reduce the effect of the COVID-19 pandemic on the Nigeria economy. However, our association wishes to bring to the notice of the federal government, the challenges of Petroleum Products Retail Outlets Owners in Nigeria”.

“Our members have recorded massive losses from March 19 when the first reduction was announced by the federal government”.

“With further reduction in price by the federal government, our members again will lose a sizable amount of money which will impact negatively on their buying power”.

“This will inevitably spiral down to reduction in patronage of the government approval petroleum products distribution depot.

“We, therefore, wish to appeal to the federal government and other relevant stakeholder to come to our aid by urgently setting up an intervention fund to be midwifed by the CBN and disbursed to our members in form of soft loans to cushion the effect of the PMS price reduction on our businesses,” it said.

The association commended the government on the move to further reduce the price of petrol to touch the lives of Nigerians positively.

“We wish to, therefore, seize this opportunity to express our heartfelt appreciation and happiness at this edifying gesture by the Federal Government under the distinguished leadership of President, Muhammadu Buhari, and the Minister of State for Petroleum,  Chief Timipre Sylva,” added.

It noted that the move was a show of excellent leadership in times of need and in the face of a global crisis. (NAN)