The Nigerian National Petroleum Company Limited (NNPC Limited) has issued a new directive to oil marketers.
The new directive outlines new payment plan for petroleum products.
This comes after the Federal Government announced the removal of fuel subsidy about two weeks ago.
According to Punch, NNPC Retail in a circular advised marketers to consolidate their old orders at the previous fuel price to buy a truckload of 45 million litres of petrol.
The circular reads, “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.
He also projected an increase in mergers and acquisitions within the industry due to financial pressures.
“Removing petrol subsidies is one of the best decisions Nigeria would ever make because smuggling would stop, many smaller stations will fold up and would get acquired by bigger ones,” Oyabanji said.