The pump price of fuel in Abia State has seen a significant reduction, dropping from N1300.00 to N1350.00 to a range between N1200.00 and N1150.00. 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 (IPMAN).
The new system allows petroleum marketers in Aba and Umuahia to lift fuel directly from the NNPC, leading to improved supply flow and reduced costs. Mazi Oliver Okolo, the Executive Chairman of the IPMAN Aba branch, stated that the improved supply from the NNPC has already started to bring down prices and is expected to continue doing so.
Residents of Abia State have welcomed the price drop, which is expected to ease the financial burden on consumers and help stabilize the local economy. The NNPC’s initiative is seen as a positive step towards addressing fuel supply challenges and ensuring more affordable prices for the public.
The NNPC’s portal for direct fuel requests and payments is part of a broader effort to streamline the distribution process and reduce the involvement of middlemen, which often leads to price hikes. By allowing marketers to access fuel directly, the NNPC aims to create a more efficient and transparent supply chain.
Local authorities and community leaders have expressed their support for the initiative, highlighting the importance of affordable fuel prices for economic growth and development. The reduction in fuel prices is expected to have a ripple effect on other sectors, as lower transportation costs can lead to reduced prices for goods and services.
The NNPC continues to monitor the situation and work with stakeholders to ensure that the benefits of the new system are sustained. The organization is also exploring additional measures to further enhance the efficiency of fuel distribution and maintain stable prices in the long term.
