In a recent interview, Mazi Oliver Okolo, the Executive Chairman of the IPMAN Aba branch, attributed the fuel price drop to enhanced supply flows from the NNPC.
Abia state, Nigeria – The pump price of fuel in Abia has significantly decreased, falling from N1300.00 and N1350.00 to a range of N1200.00 to N1150.00. This reduction follows the Nigeria National Petroleum Company (NNPC) opening its portal for direct requests and payments from members of the Independent Petroleum Marketers Association of Nigeria (IPMAN).
Reports indicate that several petroleum marketers in Aba and Umuahia have begun sourcing fuel directly from the NNPC, leading to the decline in prices. In a recent interview, Mazi Oliver Okolo, the Executive Chairman of the IPMAN Aba branch, attributed the price drop to enhanced supply flows from the NNPC. He expressed optimism for further reductions, stating, “As of last Saturday, NNPC enabled us to place requests, and we have already processed payments. We anticipate that by next week, they will commence supplies, which should drive prices even lower.”
Okolo emphasized the importance of a direct supply and distribution chain from the NNPC to stabilize prices. He highlighted that a crucial step toward lowering fuel prices in the region is the operational efficiency of hinterland depots like the one in Aba.
He optimistically predicted that, with improved supply directly from the NNPC, fuel prices could potentially drop to approximately N900.00 or below N1000.00 per litre. “Once we receive PMS (fuel) directly from NNPC, I assure you that it will be offered at a competitive price with reasonable margins,” he stated.
Additionally, Okolo urged collaboration between the state government, the NNPC, and the federal government to facilitate fuel deliveries to the Aba depot, along with necessary infrastructure improvements for access to the depot. He remarked, “When these factors are addressed, the availability of fuel will increase, and so will its affordability.”
He also pointed out that many IPMAN members are struggling financially due to rising costs associated with obtaining fuel from third-party sources. Okolo expressed gratitude to the state governor, Alex Otti, for initiating the rehabilitation of the Osisioma-NNPC-Ekeakpara road, which is under federal jurisdiction.
In summary, with the recent changes in supply dynamics and ongoing efforts to improve infrastructure, the prospects for lower fuel prices in Abia appear to be promising.
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