New Fuel Prices As Filling Stations Slash Pump Prices After NNPC’s Decision
- Filling stations operated by independent marketers in Abia state have adjusted their petrol pump price
- The decision follows NNPC's limited resumption of bidding for marketers to buy petrol from its depots
- There are expectations that similar adjustments will be replicated across the country, especially in the North
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Filling stations owned by the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Abia states have reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol.
Source: Getty Images
Punch reports that the filling stations in Abia state, which used to sell N1,300.00 and N1,350 per litre, have slashed their prices to N1,200 and N1150 per litre.
The development follows the Nigeria National Petroleum Company opening its portal for direct requests and payments for fuel from members of IPMAN.
In recent reports, Legit.ng revealed huge backlogs of petrol requests from marketers, forcing NNPC to shut its portal.
The marketers claim they are currently unable to apply for petrol through the system, leaving them waiting for over 90 million litres of petrol, valued at approximately N79 billion.
IPMAN confirms new fuel price
Mazi Oliver Okolo, IPMAN executive chairman, confirmed the resumption of the sale of petrol from NNPC and projected that with more supply, petrol prices will soon drop to N1,000 and N900.
"The supply flow from the NNPC has improved, and we believe that it will go down further.
“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.
"“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."
Nigerians convert vehicles to use cheaper fuel
Earlier, Legit.ng reported that more Nigerians are turning to Compressed Natural Gas (CNG) to cut fuel expenses, as petrol prices have increased in the past month.
Reports show that some filling stations in certain states ask motorists to pay up to N937 per litre for petrol.
The cheaper fuel alternative, sold at N200, is becoming more attractive to Nigerians.
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Source: Legit.ng
