₦airaland Forum

Despite the recent upward adjustments of the Premium Motor Spirit (PMS) petrol by different prices, the Nigerian National Petroleum Company Limited (NNPCL) has left its unchanged at N880 per litre in the Federal Capital Territory (FCT).

The Nation’s investigation at all NNPCL retail outlets in the city revealed the uniform price of N880 per litre.

In Lagos, the corporation has retained pump price at N860 while other major marketers have increased to between N930-N980.

Its Chief Corporate Communications Officer, Mr. Olufemi Soneye attributed the stability of price in the state-owned oil firm’s outlets to its determination to adhere to its core mandate.

The Petroleum Industry Act (PIA) mandates the NNPCL to guarantee energy security for the country.

Asked why has NNPCL left the pump price unchanged, Soneye told The Nation in Whatsapp text message that its for energy security mandate.

He further noted the PIA mandates NNPCL to be the supplier of last resort.

Soneye said: “Energy security. The law mandates NNPC to be the supplier of last resort.”

Asked whether NNPCL was sustaining the pump price at a loss, he said “not really.”
NNPCL’s refineries Port Harcourt and Warri have been operational, also supplying products to the domestic market.

It refines its own feedstock from its upstream firm- National Petroleum Development Company (NPDC) and JVCs.

Its sustenance of the pump price despite the changes in most components of the petrol pricing template such as crude oil price increase and exchange rate shows a maintenance of a slim profit margin for energy security.

The Nation’s investigation at the petrol stations in Abuja showed that some major oil marketers sold the product from between N950 per litre to N970 per litre.

Some independent marketers vended the petrol for N990 per litre with little or no patronage.

But the NNPCL outlets recorded significant patronage.

Dangote affiliate petrol station, MRS vended the product for N950 per litre after adjusting the price from N880 per litre.

The management of Dangote Refinery on March 19 announced the temporary suspension of sale of petrol in Naira.

According to the announcement, the NNPCL had stopped the sale of feedstock to the plant in Naira.

dederocs:
Public funds built NNPCL, NNPCL supposed to sell fuel lower than N500/ltr.

Agboriotejoye:
These people sha want to run Dangote refinery down

If they succeed it means Nigeria is truly jinxed

Mynd44:
Dangote can always sell to other countries you know. They are in an economic zone and the refinery is free to sell to whoever

Islie:
https://www.google.com/amp/s/thenationonlineng.net/why-we-didnt-increase-petrol-pump-price-by-nnpcl/amp/

Mynd44:
You are right. So that very soon, the company won't be profitable, start losing funds and cutting corners to stay alive and then die slowly until it is dead in the ground to make another Nigerian public company to go comatose.

Mynd44:
You are right. So that very soon, the company won't be profitable, start losing funds and cutting corners to stay alive and then die slowly until it is dead in the ground to make another Nigerian public company to go comatose.

F117nighthawk:
Na so them go dey deceive the people, many NNPCL filling stations I saw in lagos are selling for N925 PER LITRE

Agboriotejoye:
And the largest market in Africa is where again?
In terms of logistics, does it make sense to leave market less than 2km from you to sell to markets 3000km away>

checkmatez:
clever by half comment from you.
Most companies buying comes with thier own vessel, moreover when buying you pay for transportation if you don't have the means.

dederocs:
Are you enjoying any of it's profits?

Have you ever benefitted from NNPCL profit?

People like you perpetuate corruption by politicians, so the profit is for politicians alone?

Since Nigerians and Nigeria own stake there, is it not right we benefit from it by buying fuel very cheap from NNPCL

Mugu, most of you are the problems of Nigeria, political sycophants.

Agboriotejoye:
Oh ok
Which means the buyers will prefer sellers closer by to reduce their cost of logistics?