We have enough petrol supply to last beyond festive season- NNPC


The Nigerian National Petroleum Company (NNPC) Limited says it has enough supply of petrol, also known as premium motor spirit (PMS), to last beyond the festive period.


According to a statement released by Olufemi Soneye, chief corporate communications officer, Mele Kyari, group chief executive officer (GCEO) of the company, spoke on Wednesday during a courtesy visit to Godswill Akpabio, senate president, at the national assembly.


Kyari said it was important to assure Nigerians that there is an adequate supply of petrol to ensure maximum national security.


“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,” Soneye quoted the GCEO as saying.


“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.”


Kyari further lauded the national assembly for the critical role it played in the enactment of the Petroleum Industry Act (PIA) 2021.


He said 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 as a result of the passage of the act.

The GCEO added that NNPC Ltd. is targeting a profit increase of N2 trillion when the 2022 audited financial statements (AFS) are released, adding that the company commenced payments of dividends to shareholders in July.


Kyari also said the company is investing in several gas and power projects across the country, aimed at supporting the federal government’s power generation and industrialisation aspirations.


He added that the corporation 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.


In his response, Akpabio lauded the company for its commitment to ensuring adequate petroleum products supply during the festivities.


 “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 said.


The senate president also assured the GCEO of the national assembly’s support, saying the company’s goals are in line with President Bola Tinubu’s “renewed hope agenda”.


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