Fuel prices in Abia State have dropped significantly, following the Nigerian National Petroleum Company (NNPC)’s decision to open its portal for direct fuel supply requests from members of the Independent Petroleum Marketers Association of Nigeria (IPMAN). The pump price, which was previously between N1,300 and N1,350 per litre, has now reduced to between N1,150 and N1,200.
A fuel supply assessment in Aba and Umuahia revealed that some independent marketers in these areas have begun lifting fuel directly from the NNPC, resulting in the price decrease. Mazi Oliver Okolo, the Executive Chairman of the IPMAN Aba branch, explained the reason behind the price reduction during an interview on Monday.
“The supply flow from the NNPC has improved, and we believe prices will continue to drop,” Okolo stated. “As of last Saturday, NNPC opened their portal for us to request and pay directly for fuel. We expect supplies to start next week, and once that happens, the prices will decrease even further.”
Okolo highlighted that the key to lowering fuel prices is ensuring a steady and direct supply chain from the NNPC. He also stressed the importance of reactivating local depots, particularly the Aba depot, as a long-term solution. “The only way to reduce fuel prices to the barest minimum is when the hinterland depots like Aba are fully operational,” he added.
He further called on the NNPC, state, and federal governments to collaborate with IPMAN to ensure fuel is delivered to the Aba depot, whether imported or refined locally at the Port Harcourt refinery. “If these measures are put in place, I can assure you that fuel will be sold at about N900 per litre, or even lower than N1,000,” Okolo stated.
He also emphasized that once independent marketers receive fuel directly from the NNPC, prices would stabilize with reasonable profit margins for the marketers. Okolo appealed for further government intervention, including improving infrastructure, particularly the roads leading to the Aba depot.
“We are also appealing to the state and federal governments, as well as the NNPC, to prioritize getting fuel to the Aba depot and fixing the road leading to the depot. If these factors are addressed, fuel will not only be available but also more affordable.”
