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Nigerians Brace for Another Petrol Subsidy as NNPC Issues New Circular

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Nigerians Brace for Another Petrol Subsidy as NNPC Issues New Circular

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Nigerians are bracing themselves for the possibility of another petrol subsidy as the NNPC issues a new circular to oil marketers regarding the price they will pay for petroleum products.

This development comes just two weeks after the federal government announced the removal of the petrol subsidy.

The new circular has unsettled many, as it makes it difficult for new supplies to be obtained at the new price.

The Circular reads: “Following the complete 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 new tickets in line with the revised price. I want to ask if you would be interested in engaging their respective NRL Depot representatives for guidance on initiating this option.

“Also, there is an option for a cash refund. Marketers interested in initiating this option should send an 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 the official request and the above-supporting documents, your refund request will be processed.”

Marketers who had previously ordered petrol trucks at the old price are now being asked to merge their orders or request a refund.

This situation may lead to a scarcity of petroleum products in the country, as some marketers struggle to raise the required capital for new supplies.

The NNPC has also announced that private companies can start fuel import from June, and plans to end crude oil swap contracts and switch to cash payments for refined products.

This article was updated 4 months ago

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