Its Secretary, Femi Olawore told The Nation that the amount would be higher when the cost of obtaining loans is factored in.
He said operators borrow to finance the importation of petroleum products, adding that they are expected to pay an agreed interests on the facilities.
He said the government has failed to meet its obligations of paying the fuel subsidies promptly, adding that the development is affecting their operations.
He said the government has not been meeting its obligations of paying subsidies regularly to the 26 approved firms that import fuel in the country, urging that it should publish the names and the amount it has paid, adding that there has been conflicting reports on payment of subsidies.
He said the association has tried to get the subsidies paid to the members to no avail.
“We have written the government on the importance of paying the subsidies acruing to major oil marketers. We have told the government that deregulation is the final solution to the problems in the downstream sector,” adding that without deregulation, the players in the downstream sector will continue to experience operational hitches.
He said once the sector is deregulated and the refineries are put to optimal use, the problem in the industry would reduce.
Efforts to speak to Paul Nwabuikwu, the Special Assistant to the Minister of Finance, and Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala on the issue proved abortive.
However, the government said it has paid N240, 587, 579.248 to the oil marketers. It said N48, 085,299,281.50 was paid to 19 oil marketers in July, this year.
Information from The Nation was used in this report.