NNPCL issues a message to marketers regarding refunds and new prices
A new circular from the Nigerian National Petroleum Company Limited outlines the prices oil merchants will pay for petroleum goods.
About two weeks had passed since the Federal Government had declared the end of fuel subsidies.
In a circular issued on Sunday, NNPCL Retail instructed marketers to think about combining their existing orders that still reflect the old fuel price in order to purchase a truck carrying 45 million liters of gasoline.
According to information obtained by Newsmen, marketers had already ordered one truck of gasoline for around N7.7 million.
The new business circular, however, instructed marketers who had likely bought three trucks at N7.5m (the former price of N171/litre), to combine their purchases or get a refund.
“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 Representative for guidance on how to initiate this option.
“Also, there is an option for cash refund. Marketers who are interested in initiating this option should send in official request addressed to the MD NNPC Retail. The request should include evidence of payment and order details (RRR number, Sales quotation number and Meter ticket number). Upon receipt of official request together with the above supporting documents, your refund request will be made processed,” the memo from NNPCL Retail read in part.
Oil marketers on Monday confirmed the development.
The Independent Petroleum Marketers Association of Nigeria’s Operations Controller, Mike Osatuyi, confirmed the news. However, he acknowledged that some marketers would find it challenging to raise the substantial sums needed to place an order for petroleum goods.
“Where do you want us to get such money from?” Osatuy asked.
“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.
“Where do you want us to get such money from?” Osatuy asked.
“Since NNPC said we consume 66 million litres daily, we are sure that it would drop to as low as 30 million litres soon,” Osatuyi said, corroborating what a former Chairman of the Major Oil Marketers Association of Nigeria, and Chief Executive Officer, 11 Plc, Tunji Oyebanji, had told The PUNCH last week.
Oyebanji claims that eliminating fuel subsidies will put an end to fuel smuggling and reveal Nigeria’s actual daily gasoline usage.
Oyebanji added that smaller downstream businesses would close their doors and be bought out by larger businesses if the NNPCL increased the price of fuel.
“Removing petrol subsidies is one of the best decisions Nigeria would ever make because smuggling would stop. This is the time we will know the real petrol consumption of Nigeria, likewise, many smaller stations will fold up and would get acquired by bigger ones” Oyabanji said.
