The Nigerian National Petroleum Company Limited (NNPCL) has firmly denied reports suggesting it has halted the importation of refined petroleum products.
This clarification comes in response to a news article that misrepresented statements made by the Group Chief Executive Officer, Mele Kyari.
During a conference with the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, Kyari discussed the theme “Resolving the Nigerian Energy Trilemma: Energy Security, Sustainable Growth and Affordability.”
His remarks were quoted accurately; however, the interpretation led to a misunderstanding about NNPCL's fuel importation strategy.
Femi Soneye, NNPCL’s Chief Corporate Communications Officer, emphasized that while the company is prioritizing sourcing fuel from local refineries such as the Dangote Petroleum Refinery, this approach is contingent on economic viability.
He stated, “The GCEO’s statement, ‘Today, NNPC does not import any product; we are only taking from domestic refineries,’ should not be construed to imply that NNPC Ltd. is obligated to be the sole off-taker of any refinery or that we will no longer import fuel."
Soneye further explained that NNPCL’s decisions regarding fuel sourcing are influenced by market costs, a consideration shared by other marketers who weigh the benefits of domestic supply against imports.
The Petroleum Industry Act (PIA) plays a crucial role in this context, granting import license authority to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and limiting NNPCL’s market control to 30% to prevent monopolistic practices and foster competition.
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