The price of Premium Motor Spirit (PMS), popularly known as fuel or petrol, has decreased in Abia State.
Naturenex understands that the commodity’s price dropped from ₦1300.00 and ₦1350.00 to a range of ₦1200.00 to ₦1150.00.
This change follows the Nigeria National Petroleum Corporation’s (NNPC) decision to open its portal for direct requests and payments for fuel from members of the Independent Petroleum Marketers Association of Nigeria.
Current observations in Abia reveal that several petroleum marketers in Aba and Umuahia have begun sourcing fuel directly from the NNPC, contributing to the decline in fuel prices.
During a press briefing on Monday, Mazi Oliver Okolo, the Executive Chairman of the IPMAN Aba branch, provided insight into the price reduction, stating that the supply flow from the NNPC has improved and expressing optimism that prices may decrease further.
“As at last Saturday, NNPC opened their portal for us to request, which we have requested and also paid. We believe 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”.
“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,” Okolo told The PUNCH.
According to him, the NNPC, the state government and the federal government can join hands with IPMAN and get the products to the Aba depot, whether imported or refined at the Port Harcourt refinery.
He added, “I can assure you that fuel will be sold at about ₦900.00 and below ₦1000.00 (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.
“If you factor in all these, you will see that the product will not only be available but will also be affordable.”
Okolo expressed regret regarding the challenges faced by IPMAN members, noting that the capital base of many marketers has diminished due to the elevated costs associated with procuring fuel from third-party sources.
He extended his gratitude to the state governor, Alex Otti, for awarding the contract for the rehabilitation of the Osisioma-NNPC-Ekeakpara road, emphasizing that it is a federal government road.
