The Nigerian National Petroleum Company Limited has issued a new circular to oil marketers regarding the prices at which they can acquire petroleum products.
According to The PUNCH, this occurred approximately two weeks after the federal government announced the elimination of fuel subsidies.
In a circular issued on Sunday and obtained by this publication, NNPCL Retail instructed marketers to consider consolidating their old orders with the old fuel price in order to purchase a truck of 45 million litres of gasoline.
Before deregulation, marketers reportedly ordered one truck of gasoline for approximately N7.7 million.
However, the company’s new circular advised marketers who had likely ordered three trucks at N7.5 million (N171 per litre at the old price) to consolidate their orders or request a refund.
“Following the complete deregulation of PMS, NNPC Retail has made the following options available to assist customers with managing the impact of the additional cash flow requirement: Marketers now have the option of exchanging pre-paid, self-owned tickets for new tickets priced in accordance with the price change. The respective NRL Depot Representative can provide interested marketers with instructions on how to initiate this option.
“There is also the option for a cash refund. Marketers interested in initiating this option must submit an official request to the MD of NNPC Retail. The request should include payment documentation and order information (RRR number, Sales quotation number, and meter ticket number). Your refund request will be processed upon receipt of an official request along with the above-mentioned supporting documents, according to a portion of a memo from NNPCL Retail.
Yesterday, oil marketers confirmed the development to this newspaper.
Mike Osatuyi, the Operations Controller of the Independent Petroleum Marketers Association of Nigeria, confirmed the occurrence. However, he noted that it could be challenging for some marketers to raise the enormous sums required to place an order for petroleum products.
Where do you want us to obtain such funds? Osatuy asked.
“The price difference is astronomical, and few can afford it. As a result, instead of ordering a single truck, marketers will be able to order a quarter or half truck, just as they do for diesel,” he explained.
“Since NNPC stated that we consume 66 million litres per day, we are confident that it will soon drop to as low as 30 million litres,” Osatuyi said, confirming what Tunji Oyebanji, former chairman of the Major Oil Marketers Association of Nigeria and CEO of 11 Plc, told our correspondent last week.
According to Oyebanji, eliminating fuel subsidies will put an end to smuggling and reveal Nigeria’s true daily gasoline consumption.
Oyebanji added that a fuel price increase by NNPCL would result in smaller downstream companies folding and being acquired by larger companies.
“Removing gasoline subsidies is one of the best decisions Nigeria could ever make, as it would put an end to smuggling. This is when Nigeria’s true gasoline consumption will be revealed, and many smaller gas stations will be acquired by larger ones,” Oyabanji said.
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