March 2, 2024

NNPCL assures Nigerians of sufficient petrol supply beyond ember months, festive season

Oredola Adeola

 

The Nigerian National Petroleum Company (NNPC) Limited has assured the Nigerian Senate that there is enough supply of petroleum products, particularly Premium Motor Spirit (petrol), to last beyond the ember months and the New Year festivities.

 

 

Mele Kyari, the Group Chief Executive Officer (GCEO) of NNPCL made this known when he led an NNPC Ltd. delegation on a courtesy visit to the Senate President, Senator Godswill Akpabio, at the National Assembly in Abuja, on Wednesday.

 

“By the creation of the National Assembly, NNPC Ltd. is saddled with the responsibility of guaranteeing Nigeria’s energy security which is critical to national security. We have made a robust plan for the forthcoming end-of-the-year festivities and beyond. We do not see any shortages in the petroleum products supply for the period,” the GCEO added.

 

 

While lauding the National Assembly for the critical role it played in the enactment of the Petroleum Industry Act (PIA) 2021, Kyari said that this legislative endeavour had given birth to a new commercially oriented National Oil Company (NOC) that is governed by the Company & Allied Matters Act (CAMA) principles.

 

 

Speaking further, Kyari stated that with the passage of the PIA 2021, NNPC Ltd’s profitability margins have significantly risen, growing from a loss position of N803 billion in 2018 to a profit position of N674 billion in 2021.

 

 

The GCEO noted that NNPC Ltd. is targeting a profit increase of N2trillion when the 2022 Audited Financial Statements (AFS) are released, adding that since July this year, the Company has started paying dividends to its shareholders.

 

 

He also said that the NNPC Ltd. is involved in the entire value chain of the oil and gas business and controls about 30% of the nation’s petroleum downstream retail market.

 

 

While identifying crude oil theft and pipeline vandalism as major challenges to the Company’s business, Kyari said the recent collaboration with the nation’s security services, as well as third-party security contractors, has been yielding results, mostly in the area of increased crude oil production.

 

 

The GCEO said NNPC Ltd. is investing in several gas and power projects across the country, aimed at supporting the Federal Government’s power generation and industrialisation aspirations.

 

 

He further assured that NNPC Ltd. is working to revamp local refining of petroleum products and collaborating with indigenous refiners to ensure that Nigeria becomes a net exporter of petroleum products.

 

 

Godswill Akpabio, Senate President, in his remark, assured the NNPCL GCEO of the 10th Senate’s support and commended him for the commitment to ensuring robust petroleum products supply during the yuletide period.

 

 

“Nigerians always want to hear good news. We are glad that you have made robust plans to provide sufficient product supply this coming festive period and beyond,” Akpabio stated.

 

 

The Senate President also lauded the rehabilitation of the nation’s three refineries, saying that their restreaming will cause a multiplier effect on Nigeria’s economy, in line with this administration’s Renewed Hope Agenda,” Akpabio observed.