The Nigerian National Petroleum Company Limited (NNPCL) has confirmed that its decision to retain its market price of petrol across its stations in the country is to guarantee energy security.
Remember 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.
While some filling stations have adjusted their petrol pump price, NNPCL petrol stations in the Federal Capital Territory (FCT) still sell at ₦880
According to reports from The Nation, “In Lagos, the NNPC retained pump price at ₦860 while other major marketers have increased to between ₦930 to ₦980.”
The Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, who commented on the development 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.
When asked whether NNPCL was sustaining the pump price at a loss, he said: “not really”.
While the previous arrangement proved beneficial for Nigerians who saw a significant reduction in fuel price, the end of the Naira for crude deal has influenced the pump price of petrol in private stations.
