NNPCL Release New Directive Payment Of Petroleum Products
The prices oil merchants will pay for petroleum products have been set forth in a recent circular from the Nigerian National Petroleum Company Limited (NNPCL).
Around two weeks prior to this recent incident, the Federal Government had announced the elimination of fuel subsidies.
NNPCL Retail gave marketers advice in a circular distributed on Sunday to consider combining their current orders—which are still subject to the old fuel price—in order to buy a tanker that can hold up to 45,000 liters of gasoline.
The marketers had ordered one tanker of gasoline for roughly N7.7 million before to the deregulation.
However, the new business circular advised marketers who had probably purchased at the previous price of N171/litre to combine their purchases or receive 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.
The memo was validated by Mike Osatuyi, the operations controller for the Independent Petroleum Marketers Association of Nigeria.
He recognized, however, that some marketers would find it difficult to raise the considerable sums required to place an order for petroleum products.
“Where do you want us to get such money from?” Osatuyi queried.
“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.”
“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 concluded.
