We Are Not Losing, NNPC Speaks On Increasing Petrol Price

The Nigerian National Petroleum Company Limited (NNPCL) has said it decided to retain its market price of petrol across its stations in the country to guarantee energy security.

Naija News reported that Dangote Refinery announced an end to its sale of petrol in naira, citing the non-renewal of its naira-for-crude swap deal it had with the federal government through NNPCL.

The decision led to an increase in the pump price of petrol across the nation in most private filling stations.

According to the spokesman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, the government abandoned the naira-for-crude swap deal because of speculation that imported petrol could be sold cheaper than what local refineries sell.

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While some filling stations have adjusted their petrol pump price, NNPCL petrol stations in the Federal Capital Territory (FCT) still sell at ₦880

“In Lagos, the NNPC retained pump price at ₦860 while other major marketers have increased to between ₦930 to ₦980“, the Nation revealed.

Speaking on the development, the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, said NNPCL has the responsibility to ensure energy security in the country.

“The Petroleum Industry Act (PIA) mandates the NNPCL to guarantee energy security for the country,” Soneye told the Nation.

The national oil company’s spokesman added that the PIA Act mandated NNPCL to serve as a supplier of last resort to ensure energy security for the country.

“Energy security. The law mandates NNPC to be the supplier of last resort,” he added.

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Asked whether NNPCL was sustaining the pump price at a loss, he said: “not really“.