Fuel Prices Drop In Abia As NNPC Enables Direct Supply To Nigeria Marketers
The pump price of fuel in Abia State has dropped from N1,300.00 and N1,350.00 to between N1,200.00 and N1,150.00, following the Nigeria National Petroleum Company (NNPC) opening its portal for direct fuel requests and payments by members of the Independent Petroleum Marketers Association of Nigeria (IPMAN). This development has led to a reduction in fuel prices, particularly in Aba and Umuahia, where some marketers have begun lifting fuel directly from the NNPC.
Mazi Oliver Okolo, the Executive Chairman of the IPMAN Aba branch, attributed the reduction to the improved fuel supply flow from the NNPC. He expressed optimism that prices would fall even further in the coming weeks. Okolo said, “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.”
Okolo emphasized that the price reduction is tied to the direct supply and distribution chain from the NNPC. He also noted that a significant decrease in fuel prices could be achieved if the Aba depot, a key facility for fuel distribution, becomes operational again. He appealed to the NNPC, the federal government, and the state government to collaborate with IPMAN to ensure that fuel is distributed directly to the Aba depot, whether imported or refined locally at the Port Harcourt refinery.
According to Okolo, if these efforts are successful, fuel prices could drop to around N900.00 per liter or even below N1,000.00. He added, “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.”
The IPMAN chairman also highlighted the financial strain faced by petroleum marketers, many of whom have seen their capital base diminish due to the high cost of sourcing fuel from third-party suppliers. However, he expressed gratitude to Abia State Governor Alex Otti for awarding the contract to rehabilitate the Osisioma-NNPC-Ekeakpara road, a critical federal road that connects fuel distribution routes in the state.
In conclusion, Okolo urged the government and relevant stakeholders to expedite the supply of fuel to the Aba depot and improve the road infrastructure leading to it, which would ensure a stable and affordable fuel supply for consumers across the state.
