Fuel price hits N897 at Nigerian National Petroleum Company, government feigns ignorance of increment

The Nigerian National Petroleum Company Limited (NNPC Ltd) on Tuesday adjusted petrol pump price from N617 to N897 per litre at their various outlets, just as the federal government feign ignorance of the adjustment.

Penpushing reports that just last Sunday the corporation in a statement by the Chief Corporate Communications Officer, Olufemi Soneye, owned up to the company’s significant debt to petrol suppliers, adding that this financial strain has placed considerable pressure on the company and poses a threat to the sustainability of fuel supply.

The Nigerian National Petroleum Company Limited (NNPC Ltd) however, gave assurance that the establishment remains dedicated to its role as the supplier of last resort, ensuring national energy security.

‘NNPC Ltd has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply’, Soneye wrote.

Penpushing further reports that record has it that in recent months, fuel scarcity hit major cities across the country, with attendant effects on businesses and households, which prompted commercial bus drivers to increase their fares in major towns and cities.

This ugly development, however, provided opportunities for black marketers who made brisk business selling to willing buyers at higher prices ranging from N1,000 to N1,200, before the latest high-jack of the pump price by the authorities

Penpushing also reports that the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, has declared that no directive was issued to the Nigerian National Petroleum Company Limited (NNPC Ltd.) to increase petroleum prices to N1,000.

The Minister in a statement issued by his Special Adviser, Media and Communication, Nnemaka Okafor, emphasized that he did not direct the corporation or any other entity within the sector to manipulate prices.

“The Federal Government has been compelled to address the outright falsehood and malicious claims currently circulating on social media. We categorically condemn these claims as baseless, malicious, and a deliberate attempt to incite public discontent’, he said.

‘We challenge anyone in possession of any evidence-be it written documents, audio, or video recordings-that supports these fabrications to make it public. Such a claim is entirely devoid of truth and should be recognised as an intentional effort to mislead the public’, Lokpobiri said.

Penpushing reports that he explained that the corporation operates as an independent entity under the Companies and Allied Matters Act (CAMA), with a fully empowered Board of Directors and the Ministry of Petroleum Resources does not, and will not interfere in Nigerian National Petroleum Company Limited (NNPC) internal decisions, including pricing matters.

“Any suggestion otherwise is not only incorrect but also reveals a profound misunderstanding of the deregulated nature of Nigeria’s petroleum sector. Any claim to the contrary is nothing more than an ill- conceived attempt to sow discord and confusion’, he added.

‘We urge all Nigerians to remain vigilant and rely solely on information from verified and official channels. Any claim to the contrary is nothing more than an ill- conceived attempt to sow discord and confusion’.

FOOTNOTE: You want to share story with us? You want to advertise with us? You need publicity for product, or service, or   event? Contact us on WhatsApp +2348073463653 or email [email protected]