The pump price of fuel has reduced from N1300.00 and N1350.00 to between N1200.00 and N1150.00 in Abia, according to the Independent Petroleum Marketers Association of Nigeria (IPMAN).

The fuel situation monitored in Abia indicates that some petroleum marketers in Aba and Umuahia have started lifting fuel directly from the NNPC, thereby making the price of the product come down.

Executive Chairman of the IPMAN Aba branch, Mazi Oliver Okolo, explained the reason for the price reduction, stating that the supply from NNPC has improved.

“As at last Saturday, NNPC opened their portal for us to request, which we have requested and also paid. We believe that by next week, they (NNPC) will start supplying and as soon as they start supplying, the prices of the products will go further low,” he said.

Okolo stated that the price reduction can also be linked to the supply and distribution chain which is direct from NNPC.

He also advocated collaboration between NNPC, state governments, and the federal governments, as the links that will reduce pump prices go to the lowest minimum.

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“I can assure you that fuel will be sold at about N900.00 and below N1000.00 (per litre), once PMS (fuel) is supplied to us directly from NNPC, I can assure you the product will be sold at a reasonable price with a reasonable margin,” Okolo said.

“Again, we are also appealing to the state government, NNPC and the federal government to see how they can bring the products to Aba depot, and also fix the road going to the depot.

“If you factor in all these, you will see that the product will not only be available but will also be affordable.”