Subsidy Removal: NNPC Issue Directive To Marketers On New Price

The Nigerian National Petroleum Company Limited (NNPCL) has issued a directive to oil marketers outlining the new payment plan for petroleum products.

This comes after the Federal Government announced the removal of fuel subsidy about two weeks ago.

According to Punch, NNPCL Retail in a circular advised marketers to consolidate their old orders at the previous fuel price to buy a truckload of 45 million litres of petrol.

The circular reads:

“Following the full deregulation of PMS, NNPC Retail has made the following options available to help customers manage the impact of the additional cash flow requirement:

“Marketers now have the option of consolidating pre-paid self-owned tickets for fresh tickets in line with the revised price.

“Interested marketers can engage their respective NRL Depot Representative for guidance on how to initiate this option.

“Also, there is an option for a cash refund.

“Marketers who are interested in initiating this option should send in an official request addressed to the MD NNPC Retail.

“The request should include evidence of payment and order details (RRR number, Sales quotation number and Meter ticket number).

“Upon receipt of other official requests together with the above-supporting document sets, your refund request will be made processed.”

Oil marketers has expressed concern about the possibility to afford the new prices of petroleum products.

The operations controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mike Osatuyi wondered the possibility of marketers to source for huge funds to purchase petroleum products.

“The price difference is huge and most petroleum product marketers can’t afford it.

“Instead of ordering for one truck, marketers can now go for maybe a quarter or half truck just like it’s being done for diesel.”

Osatuyi also predicted that the country’s daily fuel consumption would significantly decrease due to the price increase.

“Since NNPC said we consume 66 million litres daily, we are sure that it would drop to as low as 30 million litres soon.