Fuel prices drop as NNPC opens portal for direct supply to marketers
The pump price of fuel has reduced from N1300.00 and N1350.00 to between N1200.00 and N1150.00 in Abia, following the Nigeria National Petroleum Company opening its portal for direct requests and payments for fuel from members of the Independent Petroleum Marketers Association of Nigeria.
The fuel situation monitored in Abia indicates that some petroleum marketers in Aba and Umuahia have started lifting fuel directly from the NNPC, thereby making the price of the product come down.
In an interview on Monday, the Executive Chairman of the IPMAN Aba branch, Mazi Oliver Okolo, explained the reason for the reduction in price, stating, “The supply flow from the NNPC has improved and we believe that it will go down further.
“As at last Saturday, NNPC opened their portal for us to request, which we have requested and also paid. We are believing that by next week, they (NNPC) will start supplying and as soon as they start supplying, the prices of the products will go further low”.
“It is about supply and distribution chain which is direct from NNPC. Again, the only way to reduce the price of fuel to the barest minimum is when the hinterland depots like Aba start working.”
According to him, the NNPC, the state government and the federal government can join hands with IPMAN and get the products to the Aba depot, whether imported or refined at the Port Harcourt refinery.
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He added, “I can assure you that fuel will be sold at about N900.00 and below N1000.00 (per litre).
“Once PMS (fuel) is supplied to us directly from NNPC, I can assure you the product will be sold at a reasonable price with a reasonable margin.
“Again, we are also appealing to the state government, NNPC and the federal government to see how they can bring the products to Aba depot, and also fix the road going to the depot.
“If you factor in all these, you will see that the product will not only be available but will also be affordable.”
Okolo regretted that part of the challenges IPMAN members are facing is that the capital base of most of the marketers have gone low with the high cost of sourcing fuel through third parties.
He thanked the state governor, Alex Otti, for awarding the contract for the rehabilitation of the Osisioma-NNPC-Ekeakpara road, adding that is a federal government road.
