New Fuel Prices As Filling Stations Slash Pump Prices After NNPC’s Decision
Independent marketers operating filling stations in Abia State have reduced their petrol pump prices.
This adjustment comes in response to the Nigerian National Petroleum Company (NNPC) partially reopening its portal for marketers to bid for petrol from its depots.
It is expected that similar price adjustments will follow across the country, particularly in northern regions.
According to reports from Punch, filling stations under the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Abia, which previously sold petrol at N1,300 to N1,350 per litre, have now reduced their prices to between N1,150 and N1,200 per litre.
This development follows the NNPC’s move to allow direct requests and payments for fuel by IPMAN members.
Recently, however, there have been significant backlogs of petrol requests from marketers, leading the NNPC to temporarily shut its portal.
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These backlogs have left marketers awaiting around 90 million litres of petrol, valued at nearly N79 billion.
Mazi Oliver Okolo, IPMAN’s executive chairman, confirmed that the NNPC has resumed fuel sales to marketers and anticipates that, with increased supply, prices will drop further to between N900 and N1,000 per litre.
Okolo explained that the improved supply flow from the NNPC is key to reducing prices.
He emphasized the importance of enhancing the supply and distribution chain, particularly by reactivating depots in the hinterlands, such as the one in Aba.
He also appealed to the federal and state governments, as well as the NNPC, to facilitate the direct supply of fuel to the Aba depot and to address the poor state of the road leading to the depot to ensure smoother distribution.
