Two weeks after President Bola Tinubu removed subsidies on fuel, on Sunday, the Nigerian National Petroleum Company, NNPC Limited, issued a circular to oil marketers on the recommended pricing for petroleum products.
In a circular by the retail arm of the energy firm, NNPC Retail, marketers were directed to cancel their previous orders, which were based on the old ex-depo price, ask for a refund, and place fresh orders based on the new price.
Previously, marketers purchased a truck of gasoline for about N7.5 million, based on the old price of N171 per liter, according to a report by The Punch.
However, with the removal of subsidies, the prices of the product have jumped, and the NNPC is directing marketers to adjust their requisitions in line with the new order.
“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 representatives 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 an official request addressed to the MD of NNPC Retail. The request should include evidence of payment and order details (RRR number, sales quotation number, and meter ticket number).
“Upon receipt of your official request together with the above-supporting documents, your refund request will be processed,” the memo from NNPCL Retail read in part.
The operations controller of the Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, confirmed the development. He, however, said it might be difficult for some marketers to raise the huge funds required to place an order for petroleum products.
“Where do you want us to get such money from?” Osatuyi asked rhetorically.
“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 liters daily, we are sure that it will drop to as low as 30 million liters soon,” Osatuyi said.
“Since NNPC said we consume 66 million liters daily, we are sure that it will drop to as low as 30 million liters soon,” Osatuyi added.