Economy

NNPC warns Nigerians against panic buying, says there’s enough fuel supply beyond Christmas and New Year

Published

1 year ago

November 23, 2023

The Nigerian National Petroleum Company Limited (NNPCL) has warned Nigerians against panic buying, saying its capacity to supply petroleum products lasts beyond this year months and the New Year.

The Group Chief Executive Officer, NNPCL, Mallam Mele Kyari, said this when he led a delegation on a courtesy visit to the President of the Senate, Senator Godswill Akpabio, on Wednesday in Abuja.

Mr Kyari, in a statement by the Chief Corporate Communication Officer, NNPCL, Olufemi Soneye, said by the creation of the National Assembly, NNPCL was saddled with the responsibility of guaranteeing Nigeria’s energy security which was 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,” he added.

Lauding the National Assembly for the critical role it played in the enactment of the Petroleum Industry Act (PIA) 2021, Mr Kyari said the law gave birth to a new commercially oriented National Oil Company, governed by the Company and Allied Matters Act principles.

Mr Kyari also stated that with the passage of the PIA 2021, NNPCL’s profitability margins had significantly risen and growing from a loss position of N803 billion in 2018 to a profit position of N674 billion in 2021.

He further said that the NNPCL was targeting a profit increase of N2 trillion when the 2022 Audited Financial Statements are released, disclosing that since July, 2023 the company had started paying dividends to its shareholders.

He also said the NNPCL was involved in the entire value-chain of the oil and gas business and controlled about 30 per cent of the nation’s petroleum downstream retail market.

He identified crude oil theft and pipeline vandalism as major challenges against the company’s business.

Mr Kyari further said the recent collaboration with the nation’s security services as well as third-party security contractors had been yielding results, mostly in the area of increased crude oil production.

He said that NNPCL was investing in several gas and power projects across the country, aimed at supporting the Federal Government’s power generation and industrialisation aspirations.

He assured that NNPCL was working tirelessly to revamp local refining of petroleum products and collaborating with indigenous refiners to ensure that Nigeria became a net exporter of petroleum products.

In his response, Mr Akpabio assured Mr Kyari of the 10th Senate’s support.

He added that the parliament appreciated the Kyari-led management for its 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 products this coming festive period and beyond,” Mr Akpabio stated.

He also lauded the rehabilitation of the nation’s three refineries, saying that their restreaming would cause a multiplier effect on Nigeria’s economy, in line with this administration’s Renewed Hope Agenda.

(NAN)