NNPC Records Petroleum Product Sale Of ₦234.63bn In March

 

The Nigerian National Petroleum Corporation (NNPC) has announced that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded ₦234.63 billion revenue from the sale of white products in March representing a 24.7% increase from the ₦188.15billion sales recorded in February.

This was contained in the March 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a statement by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru.

The report indicated that total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at ₦2.129trillion, where petrol contributed about 99.24% of the total sales with a value of ₦2.113trllion.

In terms of volume, the above value translates to 1.75billion litres of white products sold and distributed by PPMC in the month of March 2021 compared to 1.4billion litres in the month of February 2021.

This volume is made up of 1.782billion litres of Premium Motor Spirit (PMS) and 0.45million litres of Automotive Gas Oil (AGO).

Total sale of white products for the period of March 2020 to March 2021 stood at 17.374billion litres and PMS accounted for 17.265billion litres or 99.37%.

The NNPC continues to diligently monitor the daily stock of PMS to achieve uninterrupted supply, effective distribution and zero fuel queue across Nigeria.

In the Gas Sector, a total of 222.74 billion cubic feet (BCF) of natural gas was produced in the month March 2021 translating to an average daily production of 7,183.33million standard cubic feet per day (MMSCFD).

For the period of March 2020 to March 2021, a total of 2,911.62bcf of gas was produced representing an average daily production of 7,409.60mmscfd during the period.

Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 63.23%, 19.78% and 63.99% respectively to the total national gas production.

In terms of natural gas off-take, commercialization and utilization, out of the 210.55bcf supplied in March 2021, a total of 138.38bcf was commercialized, consisting of 45.42bcf and 92.96bcf for the domestic and export market respectively.

This translates to a total supply of 1,465.42mmscfd of gas to the domestic market and 2,998.26mmscfd of gas supplied to the export market for the month.

This implies that 63.18% of the average daily gas produced was commercialized while the balance of 36.82% was re-injected, used as upstream fuel gas or flared.

Gas flare rate was 9.50% for the month under review (i.e. 671.13mmscfd) compared to the average gas flare rate of 7.25% (i.e. 532.37mmscfd) for the period of March 2020 to March 2021.

On domestic gas supply to the power sector, a total of 844mmscfd was delivered to gas-fired power plants in the month of March 2021 to generate about 3,530mega watts (MW) compared with February 2021 where 825mmscfd was supplied to generate 3,580mw.

The report also informed that the Corporation recorded 70 vandalized points across its pipeline network in the period under review, representing 29.63% increase from the 54 points recorded in the previous month.

While the Port Harcourt area accounted for 63% of the vandalized points, the Mosimi area accounted for 21% and the Gombe area accounted for the remaining 16%.

NNPC is, however, working in collaboration with the local communities and other stakeholders to effectively monitor the pipelines with a view to reducing and eventually eliminating the menace of pipeline vandalism.

The March 2021 MFOR is the 68th edition of the report, it is published monthly to keep the Nigerian public up to date with the operations of the Corporation in line with the management’s guiding philosophy of Transparency, Accountability and Performance Excellence (TAPE).

PIB: Nigerian Governors Fault Proposed Ownership Structure For NNPC

The Nigeria Governors Forum wants the Petroleum Industry Bill amended to change the ownership structure proposed for the NNPC.

 

 

Nigerian governors have faulted the ownership structure of the Nigeria National Petroleum Corporation proposed in the Petroleum Industry Bill (PIB).

They made their position known in a communique issued at the end of the 32nd Teleconference meeting of the Nigeria Governors’ Forum, which was held on Wednesday.

“The Forum is in full support of the unbundling and commercialisation of the Nigeria National Petroleum Corporation (NNPC) but concerned with the proposed ownership structure of the NNPC which places ownership on the Federal Government,” the communique read in part.

This proposal, the governors argued ignores the fact that the NNPC is owned by the three tiers of government.

Rather than place the ownership of the NNPC on the Federal Government, the Governors’ forum recommended that the new entity (NNPC Limited) proposed in the PIB should be owned by a vehicle that holds the interest of the three tiers of government.

“For now, the institution that is positioned to carry out this mandate is the Nigeria Sovereign Investment Authority (NSIA),” the NGF said.

They plan to take up the requested amendment to the PIB as well as the proposed three percent share of oil revenue to host communities and 30 percent share of profit for the exploration of oil and gas in the basins with the relevant channels including the National Assembly and the National Economic Council (NEC) subsequently.

Apart from the PIB, the NGF also discussed several other issues including the third wave of the COVID-19 pandemic, financial autonomy for state judiciary and legislature.

Read the full communique below:

COMMUNIQUE ISSUED AT THE END OF THE 32ND TELECONFERENCE MEETING (9TH IN 2021) OF THE NIGERIA GOVERNORS’ FORUM HELD ON WEDNESDAY, 14TH JULY 2021

We, members of the Nigeria Governors’ Forum (NGF), at our meeting held today, deliberated on issues of national importance and resolved as follows:

1. Executive Order #10 and Financial Autonomy for the State Legislature and Judiciary
The Forum has approved a common template for the implementation of the Memorandum of Action signed with the Judiciary Staff Union of Nigeria (JUSUN) and the Parliamentary Staff Association of Nigeria (PASUN) on the implementation of financial autonomy for the State legislature and judiciary. The template was developed following a meeting of the State Attorneys General and Commissioners of Finance which held on the 25th of June 2021 at the directive of the Forum.

2. Nigerian Postal Service Bill, 2021 & Stamp Duties Collection
The Forum expressed concern with certain proposed amendments to the Principal Stamp Duties Act by the Nigerian Senate which seeks to remove the powers to administer and collect stamp duties from the relevant tax authorities (Federal Inland Revenue Service or State Internal Revenue Service, depending on the nature of the transaction) to the Nigeria Postal Service. The provisions of Section 163 of the 1999 Constitution requires that Stamp Duties on transactions between a company and an individual should be paid to the FIRS and returned to the State of derivation. The Forum resolved to engage with the National
Assembly on the matter.

3. The Petroleum Industry Bill (PIB)
The Forum is in full support of the unbundling and commercialization of the Nigeria National Petroleum Corporation (NNPC) but concerned with the proposed ownership structure of the NNPC which places ownership on the Federal Government. The NGF recommends that given that the corporation is owned by the three tiers of government, the new incorporated entity (NNPC Limited) should be owned by a vehicle that holds the interest of the three tiers of government – for now, the institution that is positioned to carry out this mandate is the Nigeria Sovereign Investment Authority (NSIA). This amendment as well as the proposed 3% share of oil revenue to host communities and 30% share of profit for the exploration of oil and gas in the basins will be responded to at relevant channels including the National Assembly and the National Economic Council (NEC).

4. Sale of Niger Delta Power Holding Company (NDPHC) Assets
The Forum will take a position on the planned privatisation of assets of the Niger Delta Power Holding Company (NDPHC) which were listed by the Bureau for Public Enterprise (BPE) without due consultation with State governments who are shareholders of the company. NDPHC is incorporated under the
Companies and Allied Matters Act as a private limited liability company with shareholding fully subscribed to by the Federal, State and Local Governments with a mandate to manage National Integrated Power Projects (NIPP) in the country.

5. Launch of the NGF Peace and Inclusive Security Initiative
The Forum put its weight behind the launch of its Peace and Inclusive Security Initiative (PISI) set up to tackle insecurity, conflicts and violence in the country. The launch of PISI which took place on 8th July 2021 heralded an important milestone for NGF as it seeks to build a more inclusive and collaborative platform to drive an urgent country-wide response to security challenges in the country.

UPDATES & PRESENTATIONS
6. The Chairman of the Forum, Governor Kayode Fayemi informed members of the inauguration of the National Steering Committee (NSC) of the National Poverty Reduction and Growth Strategy (NPRGS) chaired by Vice President Yemi Osinbajo with a mandate to lift 100 million Nigerians out of poverty in ten years. State Governors have been enjoined to nominate focal persons who will consolidate policy strategies put in place by State governments to end poverty in the country. The focal persons will be inducted into a technical working group chaired by the Governor of Nasarawa State, H.E Abdullahi Sule and co-chaired by the Honourable Minister of State for Finance, Budget and National Planning, Prince Clem Ikanade Agba.

7. The Forum received an update from the Governor of Lagos State H.E Babajide Sanwo-Olu on the recent rise in confirmed COVID-19 cases and call for consensual action to prevent a third wave in the country. Following the update, the Forum called on all State Governors to revive their COVID
protocols and collaborate with the Nigeria Centre for Disease Control (NCDC) to take appropriate and immediate actions to flatten the transmission curve. The Forum will interface with the Presidential Steering Committee on COVID-19 to accelerate processes required to fast track the delivery of additional vaccines for the country.

8. An update on the States Fiscal Transparency, Accountability, and Sustainability – Program-for-Results (PforR) was made by Mr. Olanrewaju Ajogbasile, the NGF SFTAS Programme Manager, who informed State Governors of the ongoing verification exercise for the SFTAS disbursement linked indicators and debt reconciliation exercise carried out with the Federal Ministry of Finance,
Budget and National Planning (FMBNP), the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO). The Forum commended the SFTAS programme office and welcomed the reconciliation exercise which will be seen through by the State Commissioners of Finance.

9. Following an update on the Nigeria COVID-19 Action Recovery and Economic Stimulus – Programme for Results (Nigeria CARES), from Mrs. Firo Elhassan, NGF Programme Manager, the Forum resolved to interface with the Federal Ministry of Finance, Budget and National Planning (FMBNP) and the Federal Ministry of Justice (MoJ) to ensure speedy approval and commencement of the programme in line with the 2021 budgets of States.

10. Sequel to a presentation by Rt. Hon. Princess Miriam Onuoha, Chairman, House of Representatives, Committee on Disabilities on the adoption of the Discrimination against Person with Disabilities (Prohibition) Act (2018), the Forum committed to actively support, through the NGF Secretariat, the domestication of the disability law in States where it has not already been passed. Since 2018, at least twelve (12) States have passed disability laws, including Ekiti, Lagos, Kwara, Kogi, Plateau, Jigawa, Ondo, Bauchi, Anambra, Niger and River State.

11. The Forum received a presentation on the Roadmap for Successful Digital Transformation Execution in States from the Chief Executive Officer of Suburban Fiber Company, Mr Bruce Ayonote. The proposal which sought to build both hard and soft digital infrastructure for State governments was welcomed by State Governors. The Forum mandated its Secretariat to facilitate the planning and partnership process with interested State governments.

12. Lastly, the Forum received a report on the Diversification and Non-oil Export Opportunities for States Post-COVID-19 from the Policy Development Facility (PDF) Bridge Programme. The Forum welcomed the study and noted that findings of the report will help strengthen the diversification agenda of States.

Governor Kayode Fayemi
Chairman, Nigeria Governors’ Forum
14th July, 2021

Why Nigeria Is Still Subsidising Petroleum – NNPC Chief

 

Solomon Elusoji, Lagos

The Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, on Tuesday suggested that the inability to find an appropriate price for petrol has forced the continuation of the subsidy scheme.

The NNPC is currently the sole, official importer of petroleum products into the country.

While its landing price is about N256 per litre, according to Mr Kyari, petrol sells for N162 to N165 in most parts of Lagos.

In March 2020, the Federal Government said it would allow market forces to dictate the pump price of petrol.

But after oil prices rose in the preceding months, the Federal Government decided not to adjust the price correspondingly under pressure from organised labour.

“The reality is that we cannot afford it,” Mr Kyari said on Tuesday while appearing on Channels Television’s Sunrise Daily.

“But also the second reality is if you don’t do something smart, you could end up throwing prices at Nigerians that are well above prices that they should pay for.”

The NNPC chief said the government is still engaging with organised labour and other stakeholders on how to properly price the product.

“The engagement is aimed at making sure there is a reasonable level of pricing that we can do that will recover the cost,” he said.

Fuel smuggling

Meanwhile, a huge chunk of the petroleum the NNPC pays for is being smuggled to neighbouring countries where they are sold at higher prices.

“Petroleum consumption in Nigeria is not up to 60 million litres per day, but we supply up to that,” Mr Kyari said.

“We always plan with 60 million litres, because anytime we do below that, there is a crisis.”

He acknowledged that there “are sharp practices which we are trying to control” and “an organised cross-border smuggling of petroleum, which is associated with the price of petroleum itself.”

The smuggling, he noted, is exacerbated by the fact that Nigeria shares borders with countries who have no choice but to transport petroleum by road.

When borders were shut last year, the NNPC chief said, consumption fell to 52 to 53 million litres per day. And during the thick of the COVID-19 lockdown in 2020, the number fell to about 42 million litres.

“If everything works well and consumption is limited to our country, we are dealing with about 42 million litres,” Mr Kyari said.

Why NNPC Is Borrowing To Acquire 20 Percent Equity In Dangote Refinery – Mele Kyari

 

Solomon Elusoji, Lagos

The Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, on Tuesday explained why the national oil company is purchasing a stake in Dangote oil refinery.

The refinery is expected to begin production in 2022 with an installed 650,000 barrels per day capacity.

It has been touted as a groundbreaking project for energy security in the country and for the African continent.

In May, the NNPC announced that it plans to acquire a 20 percent equity stake in the private company led by billionaire Aliko Dangote.

“There is no resource-dependent country that will watch a business of this scale, which borders on energy security and has implications for fiscal security of the country, and you don’t have a say,” Mr Kyari said on Tuesday while appearing on Channels Television’s Sunrise Daily.

He argued that the decision was also driven by the profit potential of the refinery business.

“For the Dangote refinery, we are not taking government money to buy it, which is the mistake that people are making,” he said. “We are borrowing on the back of the cash-flow of this business.

“We know that this business is viable, it will work and it will return dividends. It has a cash-flow that is sustainable because refinery business, in the short term, will continue to be sustainable.

“That’s why banks have come forward to lend to us, so we can take equity in this.”

What Mr Kyari Said

“Dangote refinery will come into production by 2022. And what that will do is to deliver over 50 million litres of gasoline into, to be specific, our markets. We are also working on our refineries, to ensure that we fix them. We have awarded the contract for Port Harcourt refinery rehabilitation. And ultimately we are going to close that of Warri and Kaduna very soon in July, so that all of them will work contemporaneously. The net effect is that you are going to have an environment where Nigeria becomes the hub of petroleum products and supply. It’s going to change the dynamics of petroleum supply globally in the sense that the flow is coming from Europe today and it is going to be reversed to some other direction. We will be the supplier for West Africa legitimately and also many other parts of the world.

“So the meaning of this is, there is an opportunity that has been thrown at us. And I’m not sure Mr Dangote wants to sell his equity in the refinery. I can confirm that it was at our instance that we started this engagement. He did not want to sell his shares in this refinery.

“There is no resource-dependent country that will watch a business of this scale, which has bordering on energy security and has implications for fiscal security of the country, and you don’t have a say. And for us, as a strategy, we started this process long before Dangote started his refinery project. We take equity in very significant businesses that are anchored on the oil and gas operations: fertiliser, methanol plants, modular refineries and some other businesses that we are dealing with.

“It is to expand our portfolio and also because we are the national oil company, we have the responsibility to guarantee energy security for our country. And there is no way you can have a say, except you have a seat on the board of these institutions. And that’s why anyone that is going to construct a refinery that is in the excess of 50,000 barrels per day, we will talk to them, take equity in it, as long as we have the money to pay for it.

“For the Dangote refinery, we are not taking government money to buy it, which is the mistake that people are making. We are borrowing on the back of the cash-flow of this business. We know that this business is viable, it will work and it will return dividends. It has a cash-flow that is sustainable because refinery business, in the short term, will continue to be sustainable. That’s why banks have come forward to lend to us, so we can take equity in this.

“We are very proud that we did this. This is good for our shareholders, which includes all 200 Nigerians who will also be happily buying shares from this company if they had the opportunity. But now we have done on their behalf, so that ultimately the value will come to all of us.

“But there is no way you can watch a business of this magnitude, of this sensitivity, to run without the involvement of the national oil company. No country does this.”

Fuel subsidy

Mr Kyari also suggested that the inability to find an appropriate price for petrol has forced the continuation of the subsidy scheme.

The NNPC is currently the sole, official importer of petroleum products into the country.

While its landing price is about N256 per litre, according to Mr Kyari, petrol sells for N162 to N165 in most parts of Lagos.

In March 2020, the Federal Government said it would allow market forces to dictate the pump price of petrol.

But after oil prices rose in the preceding months, the Federal Government decided not to adjust the price correspondingly under pressure from organised labour.

“The reality is that we cannot afford it,” Mr Kyari said.

“But also the second reality is if you don’t do something smart, you could end up throwing prices at Nigerians that are well above prices that they should pay for.”

The NNPC chief said the government is still engaging with organised labour and other stakeholders on how to properly price the product.

“The engagement is aimed at making sure there is a reasonable level of pricing that we can do that will recover the cost,” he said.

Fuel smuggling

Meanwhile, a huge chunk of the petroleum the NNPC pays for is being smuggled to neighbouring countries where they are sold at higher prices.

“Petroleum consumption in Nigeria is not up to 60 million litres per day, but we supply up to that,” Mr Kyari said.

“We always plan with 60 million litres, because anytime we do below that, there is a crisis.”

He acknowledged that there “are sharp practices which we are trying to control” and “an organised cross-border smuggling of petroleum, which is associated with the price of petroleum itself.”

The smuggling, he noted, is exacerbated by the fact that Nigeria shares borders with countries who have no choice but to transport petroleum by road.

When borders were shut last year, the NNPC chief said, consumption fell to 52 to 53 million litres per day.

And during the thick of the COVID-19 lockdown in 2020, the number fell to about 42 million litres.

“If everything works well and consumption is limited to our country, we are dealing with about 42 million litres,” Mr Kyari said.

Oil Spillage: Court Awards N82bn Damages Against NNPC

 

The Federal High Court in Abuja has awarded the sum of N82 billion as general damages against the Nigerian National Petroleum Corporation (NNPC) and Mobil Producing Nigeria Unlimited over oil spillage, in Ibeno Community within Ibeno LGA, Akwa Ibom State.

Delivering judgment, Justice Taiwo Taiwo, ordered the oil corporations, to pay the sum in 14 days, or pay eight percent of the sum, per annum.

READ ALSO: NDLEA Chairman Opposes Legalisation Of Cannabis In Nigeria

Justice Taiwo had earlier struck out ExxonMobil from the list of defendants, on account of being an American registered company, leaving the NNPC and Mobil producing Nigeria Unlimited.

The court held that the oral and documentary evidence produced by Mobil, was not helpful in their case, describing them as serving pre-determined assets.

According to Justice Taiwo, the action of Mobil is a clear violation of section 11 of the oil pipeline act that makes it mandatory for the oil companies to monitor and fix defective pipelines.

‘We Remain In Positive Financial Trajectory:’ NNPC Denies Being Broke

NNPC Records $476.25m Crude Oil, Gas Export Receipts
A photo of the NNPC logo

 

 

The Nigerian National Petroleum Corporation (NNPC) has debunked reports of being broke, saying it remains in a positive financial trajectory.

The Corporation’s spokesman, Dr. Kennie Obateru made the clarifications in a statement on Friday.

He stated that the clarification became necessary in the light of media reports insinuating that the Corporation was in financial straits.

“NNPC maintains that it is conscious of its role and was doing everything possible to shore up revenues and support the Federation at all times.

“The shortfall will be remedied by the Corporation as it relates only to the Federation revenue stream being managed by the #NNPC and does not reflect the overall financial performance of the Corporation.

“The NNPC remains in positive financial trajectory for the period in question,” the statement added.

Read Full Statement Below:

1a. The Nigerian National Petroleum Corporation (#NNPC) has clarified that the revenue projection contained in the letter to the Accountant General of the Federation being cited in the media…

1b…pertains only to the Federation revenue stream being managed by the Corporation and not a reflection of the overall financial performance of the Corporation.

2. A press release by the Corporation’s spokesman, Dr. Kennie Obateru, stated that the clarification became necessary in the light of media reports insinuating that the Corporation was in financial straits.

3. #NNPC maintains that it is conscious of its role and was doing everything possible to shore up revenues and support the Federation at all times.

4a. “The shortfall will be remedied by the Corporation as it relates only to the Federation revenue stream being managed by the #NNPC and does not reflect the overall financial performance of the Corporation….

4b…” The NNPC remains in positive financial trajectory for the period in question,” it stated.

5. The Corporation pledged to continue to pursue and observe its cost optimization process with a view to maximizing remittances to the Federation Account.

6a. It would be recalled that NNPC, in a letter to the Accountant General of the Federation entitled: Re: Impact of Hike in Crude Oil Prices on the Deregulated Downstream Sector: Projected Remittance to the Federation Account for April to

6b…which was inappropriately shared by unscrupulous persons, had projected that it would deduct the sum of N112bn from Oil and Gas proceeds for the month of April 2021 to ensure continuous supply of petroleum products to the country and guarantee energy security.

7. This has fueled reports of impending revenue shortfalls with dire consequences for the various tiers of government.

8. #NNPC, however, assures that it would continue to meet its financial obligations to the Federation.

No Plan To Increase Petrol Price In May – NNPC

A file photo of an attendant filling the fuel tank of a car.

 

There is no plan to increase the pump price of Premium Motor Spirit (PMS), popularly known as petrol, for the month of May, said the Nigerian National Petroleum Corporation (NNPC).

This followed the announcement by the NNPC Group Managing Director, Mele Kyari, that the petroleum sector regulator has no plan to increase the ex-depot price of petrol in the country.

Kyari made the announcement while briefing reporters after a closed-door meeting with the National Association of Road Transport Owners (NARTO) and the Petroleum Tanker Drivers (PTD) on Monday in Abuja, the nation’s capital.

The meeting convened by the NNPC boss held amid the industrial action by the tanker drivers who had given NARTO a seven-day ultimatum to address the issues bordering on the increase of compensation for their members.

As a result, the tanker drivers decided to suspend their industrial action, with a promise to resume operation.

On his part, Kyari asked the union to expedite action to ensure that fuel queues do not resurface across the country.

“On the ongoing strike by Petroleum Tanker Drivers (PTD) associated with the ability of their employers – NARTO to increase their compensation, leading to the industrial action, this we were not able to resolve last week.

“But we have given a commitment to both NARTO and PTD that we will resolve the underlining issues within a week and come back to the table so that we’ll have a total closure around the dispute – both in terms of government’s responsibility and then the responsibility of NARTO (owners of the trucks) to the Petroleum Tanker Drivers,” he said.

We Pay About N120bn Monthly To Subsidise Petrol, NNPC Laments

 

The Nigerian National Petroleum Corporation (NNPC) says it pays between N100 billion and N120 billion every month to subsidise Premium Motor Spirit (PMS), also known as petrol.

NNPC Group General Manager (GMD), Mele Kyari, disclosed this at the weekly presidential ministerial media briefing on Thursday at the State House in Abuja, the nation’s capital.

He lamented that the burden placed upon NNPC by the ongoing subsidisation of the cost of petrol in the country was overwhelming.

As a result of the huge sum being paid, Kyari stated that Nigerians would have to pay the actual cost for petrol sooner or later.

He decided that the product was currently being sold below the cost of importation, causing the NNPC to pay the difference.

The NNPC boss, however, refrained from calling the shortfall payment a subsidy, stressing that the fund was paid to maintain the pump price of petrol at the current level.

He stated that the NNPC can no longer bear the monumental cost, saying market forces must be allowed to determine the pump price of petrol in the country in the nearest future.

When asked when the corporation would stop subsidising petrol, Kyari declined to give a specific date.

A file photo shows an attendant filling the fuel tank of a car.

The Minister of State for Petroleum Resources, Timipre Sylva, also gave an update on happenings in the nation’s petroleum sector.

He disclosed that the Petroleum Industry Bill (PIB) currently before the National Assembly would be passed by April 2021.

Sylva told reporters that the bill would not suffer a setback, going by all indications from the leadership of the National Assembly.

He stressed the importance for Nigeria to steer away from oil to gas, adding that the 20-year-old PIB would attract a lot of investments to the gas sector.

On the issue of having functional refineries in the country, Sylva faulted Senator Dino Melaye’s analysis of the proposed rehabilitation of the Port Harcourt refinery.

According to him, Melaye is no expert on refinery and should, therefore, not impress his views on an area he is not conversant with.

The minister said the Federal Government remained committed to its promise to deliver a functional refinery to Nigerians in due time.

UPDATED: Sylva, NNPC Insist There Will Be No Fuel Price Increase In March

 

The Minister of State for Petroleum Resources, Timipre Sylva, and Nigerian National Petroleum Corporation (NNPC) on Friday insisted that there is no increment in the ex-depot price of Premium Motor Spirit (PMS) also known as petrol this month.

NNPC announced this via a post on their official Twitter handle @NNPCgroup.

“#NNPC Insists No Increase in Ex-Depot Price of PMS in March,” it simply tweeted.

Syvla in a statement said, “Neither Mr. President who is the Minister of Petroleum Resources nor my humble self who deputises for him as Minister of State, has approved that the pump price of petrol should be increased by one naira. I would therefore urge you to disregard this misleading information.”

This was in reaction to the trend on social media with the hashtag #FuelPriceHike with users reacting to a template released by the Petroleum Products Pricing Regulatory Agency (PPRA) showing that the new price of petrol has reached N212.6 per litre.

According to the template which the PPPRA released in the early hours of Friday and later deleted, petrol is expected to sell at a lower retail price of N209.61 and at an upper retail price of N212.61.

NNPC in the tweet, on Friday, ruled out any increment in the ex-depot price simply tweeting that, “#NNPC Insists No Increase in Ex-Depot Price of PMS in March.”

The NNPC had earlier promised that the petrol price would remain static in March to allow smooth negotiations between the government and labour unions.

 

See the full statement by the Minister of Petroleum below…

Dear Nigerians, you are by now very aware of the news trending that the Federal Government has increased the price of petrol to N212.6 per liter.

Irrespective of the source of that information, I want to assure you that it is completely untrue. Neither Mr. President who is the Minister of Petroleum Resources nor my humble self who deputises for him as Minister of State, has approved that the pump price of petrol should be increased by one naira. I would therefore urge you to disregard this misleading information.

You are all aware that for the past few months the government has been in consultation with organized labour to find the least painful option to respond to the global rise in the price of crude, which in turn has inevitably led to an increase in the price of PMS. It is unthinkable that government would unilaterally abandon these discussions and act in the manner suggested by the information under reference.

Cynism and deceit have never been the trademark of the administration of President Muhammadu Buhari.

I would like to equally assure you that the engagement with organized labour and other stakeholders will continue even as the calculations to arrive at a reasonable price regime are being done; all in good faith, and you will be availed of the final outcome at the appropriate time.

Until then, all marketers are strongly advised to maintain the current pump price of PMS before the emergence of this unfortunate information. Those who may want to take advantage of this unfortunate misinformation to extort Nigerians should not give in to such temptation as there are regulatory mechanisms that govt can enforce to protect its citizens.

In conclusion, I want to sincerely apologise to all Nigerians for any distress and inconvenience the unfortunate information might have caused.

Timipre Sylva

Hmspr.

12.03.2020

Tanker Explosion: How Firefighters Battled Inferno In Pictures

A combination of photos from the scene of the tanker explosion along the Alagbole-Akute Road in Ogun State on March 6, 2021. Channels Television/ Taiwo Adesina.

 

A petrol-laden tanker on Saturday morning exploded at the retail station of the Nigerian National Petroleum Corporation (NNPC) along the Alagbole-Akute Road in Ogun State.

Witnesses said the fire started at about 6:45am while the firefighters were immediately contacted, and they arrived at the scene at about 7:23am.

No injury or death was recorded as a result of the incident.

The incident occurred in a border community with Lagos while the firefighters seen at the scene were officials of the Lagos State Emergency Management Agency (LASEMA).

Officials of the Federal Fire Service were also said to have arrived at the scene of the incident shortly after the fire had been put out.

READ ALSO: Petrol Tanker Explodes In Ogun Community

Highlights of how the firefighters battled the inferno are captured in the pictures below:

Petrol Tanker Explodes In Ogun Community

In this photo taken on March 6, 2021, firefighters are making effort to put out the fire that resulted from a tanker explosion along the Alagbole-Akute road in Ogun State. Channels TV/ Taiwo Adesina.

 

A petrol-laden tanker has exploded at Ajayi Farm Bus-Stop along the Alagbole-Akute Road in Ogun State.

Sources said the incident occurred very early on Saturday morning at the retail station of the Nigerian National Petroleum Corporation (NNPC) in the area.

During a visit to the scene of the fire incident, witnesses told Channels Television that the tanker had come to the NNPC facility to supply petrol.

One of the attendants who does not want his name disclosed told Channels Television that the truck was discharging its content before the incident occurred.

According to him, the truck had off-loaded its first compartment and while discharging the content in its second compartment, there was a spark at the underground storage tank.

READ ALSO: How Firefighters Battled Tanker Explosion Inferno In Pictures

In the process, the storage tank was gutted by fire and melted the hose being used to off-load the content of the truck.

A photo taken on March 6, 2021 shows the opening to the underground storage tank at the NNPC retail station along the Alagbole-Akute road in Ogun State. Channels TV/ Taiwo Adesina.

 

In a bid to prevent the inferno from causing more damage, the driver of the truck was said to have jumped into the vehicle and moved it to the road, away from the filling station where the tanker exploded moments later.

Witnesses said the fire started at about 6:45am while the firefighters were immediately contacted, and they arrived at the scene at about 7:23am.

No injury or death was recorded as a result of the incident.

The incident occurred in a border community with Lagos while the firefighters seen at the scene were officials of the Lagos State Emergency Management Agency (LASEMA).

Officials of the Federal Fire Service were also said to have arrived at the scene of the incident shortly after the fire had been put out.

No Fuel Price Increase In March, Says NNPC

 

The Nigerian National Petroleum Corporation (NNPC) has denied reports of any increment in the price of Premium Motor Spirit (petrol) in the country in March 2021.

The NNPC disclosed this in a statement signed on Sunday by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru.

Obateru stated that the Corporation was not contemplating any raise in the price of petrol in March in order not to jeopardize ongoing engagements with the organised labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.

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The NNPC also cautioned petroleum products marketers not to engage in arbitrary price increase or hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians.

The Corporation also stated that it has enough stock of petrol to keep the nation well supplied for over 40 days and therefore, urged motorists to avoid panic buying.

It further called on relevant regulatory authorities to step up monitoring of the activities of marketers with a view to sanctioning those involved in products hoarding or arbitrary increase of the pump price.