Fuel price to drop as NNPC reopens Satellites’ depots

The Nigerian National Petroleum Company (NNPC) Limited has reopened the Satellites depots for operation.

Oil marketers have been complaining that were being ripped off by private depot owners during the purchase of Premium Motor Spirit (PMS) also known as petrol.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) had a few weeks ago decried the attitude of private depot owners.

The association leadership at a media briefing in Lagos last month accused the private depot operators of selling the PMS above the approved prices to marketers.

The Satellites depots have started operation after a 15 months closure for repair works.

The repair works on the depots were carried out by the NNPCL subsidiary, NNPCL Pipeline, and Marketing Limited.

The Chairman of Satellite Depots, Akin Akinrinade, told journalists on Sunday the facilities started receiving products on Friday.

READ ALSO: Nigerian govt denies raising fuel price

He said: “Satellite depots started loading at about 12:30 p.m. on Tuesday after 15 months of inactivity. We now load through the pipeline because the integrity has been restored.”

Akinrinade said the transportation of the products would not be a one-off arrangement, and prices would drop as a result of the depots’ operation.

“Although they have instructed depots to sell at N172 per litre, we have not started selling to marketers. We have started receiving products since Friday. We received it on Saturday, and some will also come in today (Sunday).

“Since products are now being received and prices will now come down. I can assure you that the remaining queue will disappear this week,” he added.

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