The Nigerian National Petroleum Company Limited (NNPCL) has issued a fresh circular to oil marketers on the new price of petroleum products.
NNPCL Retail gave this new directive in a circular released on Sunday, informing oil marketers on how much they will pay to get petroleum products.
Recall that President Bola Tinubu during his inauguration at Eagle Square in Abuja on May 29 said that the era of payment on fuel subsidy is gone.
With the latest directive, the NNPCL has further directed marketers to consider merging their old orders which carry the old fuel price in order to buy a truck of 45 million litres of petrol.
Oil marketers had before the deregulation ordered one truck of petrol for about N7.7m.
The new circular by the company advised marketers who had probably ordered three trucks at N7.5m (N171/litre old price), to merge their orders or ask for a refund.
“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 cash refund. Marketers who are interested in initiating this option should send in 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 official request together with the above supporting documents, your refund request will be made processed,” the memo from NNPCL Retail read in part.
The Operations Controller, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, confirmed the development, saying it might be difficult for some marketers to raise such huge funds for petroleum products.
“The price difference is huge and most can’t afford it. So what we will start seeing is that 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,” he said.
“Since NNPC said we consume 66 million litres daily, we are sure that it would drop to as low as 30 million litres soon.”
“Removing petrol subsidies is one of the best decisions Nigeria would ever make because smuggling would stop. This is the time we will know the real petrol consumption of Nigeria, likewise, many smaller stations will fold up and would get acquired by bigger ones” Oyabanji said.
He further noted that with the hike in fuel prices, NNPCL would see smaller downstream companies folding up, and being acquired by bigger companies.
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