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Abia: Marketers Predicts Fuel Prices Will Soon Drop to N1000

…Price falls to N1200, NNPCL opens portal

Published

Monday, October 7, 2024 at 06:35 PM

Written by Omotola Adeleke

Abia: Marketers Predicts Fuel Prices Will Soon Drop to N1000

Petroleum marketers in Abia are forecasting a decline in fuel prices to N1000 per litre in the near future.

In Aba and Umuahia, the pump price of fuel has decreased from N1300.00 and N1350.00 to between N1150.00 and N1200.00.

This change follows the Nigeria National Petroleum Company’s decision to open its portal for direct requests and payments from members of the Independent Petroleum Marketers Association of Nigeria.

Monitoring of the fuel situation in Abia shows that some petroleum marketers in Aba and Umuahia have begun sourcing fuel directly from the NNPC, leading to a decrease in prices.

In a Monday interview, Mazi Oliver Okolo, the Executive Chairman of the IPMAN Aba branch, discussed the price reduction, stating, "The supply flow from the NNPC has improved, and we anticipate further decreases”.

"Last Saturday, the NNPC opened their portal for us to place requests, which we have done and paid for. We expect that by next week, they will begin supplying us, and once that starts, prices will decrease even further.

"The issue revolves around the supply and distribution chain directly from the NNPC. Additionally, the only way to significantly reduce fuel prices is for inland depots, such as those in Aba, to become operational." He stated.

He also mentioned that the NNPCL, along with the state and federal governments, can collaborate with IPMAN to deliver products to the Aba depot, whether they are imported or refined at the Port Harcourt refinery.

He added, "I assure you that fuel prices will be around N900.00 and below N1000.00 per litre.

"Once PMS (fuel) is supplied directly from the NNPCL, I assure you it will be sold at a fair price with an appropriate margin.

"We also urge the state government, NNPC, and federal government to find ways to deliver products to the Aba depot and to improve the roads leading to it.

"Considering all these factors, you'll find that the product will not only be accessible but also 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.

Edited By: Chinedu Eze

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Abia: Marketers Predicts Fuel Prices Will Soon Drop to N1000

Petroleum marketers in Abia are forecasting a decline in fuel prices to N1000 per litre in the near future.

In Aba and Umuahia, the pump price of fuel has decreased from N1300.00 and N1350.00 to between N1150.00 and N1200.00.

This change follows the Nigeria National Petroleum Company’s decision to open its portal for direct requests and payments from members of the Independent Petroleum Marketers Association of Nigeria.

Monitoring of the fuel situation in Abia shows that some petroleum marketers in Aba and Umuahia have begun sourcing fuel directly from the NNPC, leading to a decrease in prices.

In a Monday interview, Mazi Oliver Okolo, the Executive Chairman of the IPMAN Aba branch, discussed the price reduction, stating, "The supply flow from the NNPC has improved, and we anticipate further decreases”.

"Last Saturday, the NNPC opened their portal for us to place requests, which we have done and paid for. We expect that by next week, they will begin supplying us, and once that starts, prices will decrease even further.

"The issue revolves around the supply and distribution chain directly from the NNPC. Additionally, the only way to significantly reduce fuel prices is for inland depots, such as those in Aba, to become operational." He stated.

He also mentioned that the NNPCL, along with the state and federal governments, can collaborate with IPMAN to deliver products to the Aba depot, whether they are imported or refined at the Port Harcourt refinery.

He added, "I assure you that fuel prices will be around N900.00 and below N1000.00 per litre.

"Once PMS (fuel) is supplied directly from the NNPCL, I assure you it will be sold at a fair price with an appropriate margin.

"We also urge the state government, NNPC, and federal government to find ways to deliver products to the Aba depot and to improve the roads leading to it.

"Considering all these factors, you'll find that the product will not only be accessible but also 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.

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