The Nigerian National Petroleum Company (NNPC) Ltd, has assured the public that there is no imminent increase in the pump price of Premium Motor Spirit (PMS), commonly known as petrol.


The company therefore urged Nigerians to disregard unfounded rumours and assured them that there are no plans for an upward review of the PMS price.

This is as the national oil company explained its decision to move a significant portion of its revenue to the Central Bank of Nigeria (CBN), saying it was in alignment with directives of the board of directors to maintain safe obligor limits with commercial banks.

“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country, chief corporate communications officer of the company, Olufemi O. Soneye, said in a statement.


The group managing director of NNPC Ltd, Mele Kyari, stated this in a meeting with the senior management team of the CBN, led by governor of the apex bank, Olayemi Cardoso.

He explained that the company, which is the largest company in the country, has a high transaction liquidity level, adding that the apex bank has created a digital platform for its transactions going forward.




He said, “We understand very clearly that this review of our decision to move a significant portion of our revenues to the Central Bank of Nigeria is very timely. We made that decision to align with the directives of our board of directors to maintain safe obligor limits with commercial banks.


“We do need additional support particularly from the central bank. We are a very huge company, our transaction liquidity levels are very high. And perhaps we’re the largest business in this country. And we’re also happy that this CBN has created a very robust digital platform for transactions and also created a department that will deal with NNPC issues and it will have non hindrance to our operation.

“We will continue to collaborate with the Central Bank of Nigeria to ensure that further improvements are received to ensure that this relationship serves the best interests of our company. And of course, ultimately, our country.”


In his remarks, Olayemi Cardoso, the governor of CBN said, “the NNPC has made the decision to move its respectable part of its business to the Central Bank of Nigeria. And I also want to say that we have restructured and strengthened internal processes such that we will be very capable of taking on this enormous responsibility that will be placed within the central bank.

“We are looking forward to further collaboration with NNPC. And I have absolutely no doubt in my mind that this effective collaboration will work in the best interests of NNPC and Nigeria in general.”


Following their meeting in Abuja on Thursday, the NNPC Ltd. and CBN Chiefs noted the value created by the decision for all parties, especially in providing the NNPC Ltd. with an improved platform for managing its cash holding obligor limits in commercial banks set by the Board of Directors.

A statement jointly signed by chief corporate communications officer, NNPC Ltd.Olufemi Soneye and acting director, Corporate Communications Department, CBN, Hakama Sidi Ali, both parties said the CBN has provided enhanced digital platforms for all transactions and has established specific limits to manage NNPC Ltd. transactions.


Both parties have also committed to further strengthening the collaboration to ensure seamless operations of the commercial NNPC Limited and noted that NNPC Ltd. continues to have banking transactions with commercial banks as required.

https://leadership.ng/nnpc-not-increasing-petrol-pump-price-official/

They have ceded their power to control pump prices of petroleum products after deregulating the market.

Their rebuttal of increasing petroleum products prices is of no effect as market forces will determine which way the pendulum swings.

The illusion continues.

Honestly I don't know who is deceiving us more...APC or NNPC.

The price of petrol will be paid for somehow, and it won't be to our benefit.

If you want working refineries, working stuff, and no more smuggling...remove subsides totally, let the market set the price. Yes, it probably would mean me walking to work every 4 out of 5 days, but it would at the end of the day mean working refineries...and no sabotage because removal of subsidy means NNPC and co would have to work for their profits hard....meaning nothing like sabotage or free money.

matify83:
They have ceded their power to control pump prices of petroleum products after deregulating the market.

The current prices were not dictated by them either.

Which school did you go to?

You sincerely think you can import fuel into Nigeria and sale at 580 ? While diesel is 1250 ?

How do you people even think even? Na wah ooh

MEEVEET:

Which school did you go to?

You sincerely think you can import fuel into Nigeria and sale at 580 ? While diesel is 1250 ?

How do you people even think even? Na wah ooh

Read up my post and your incongruous analysis slowly and see how you have ended up confusing yourself.

Your hunger-induced uncouth attack is duly noted .

MEEVEET:
[b]This Tinubu subsidy system is the worst we have ever had
no budget
No oversight
No numbers released
No accountability

NNPC just buys petrol.. Sale at a lose at 580 and Nigeria takes the loss

No audit how much was imported
No audit who they sale to

That is how they have always done it, long before tinubu came in. Yes, APC changed nothing, and should have brought in more accountability.

But there is a solution, and the current NNPC boss and his predecessor have been harping on it for over 7 years, if not longer. Remove subsides, let the free market take its course, and all that nonsense would end like magic. Remove subsidy. But NIgerians, poor and rich, both always say no.

THat we even had this partial removal was because debt was eating 90% of our revenue by August 2022.

All u need to be a billionaire now is to have a friend at NNPC

They load 10 million litres for you at the depot at 580

U move to Ghana and sale for 1100 minimum

Keep the over 500 per litter profit that's 5 billion naira profit [/b]

Remove subsidy, yes fuel would sell at N1200 here, but that nonsense would end.

nairalanda1:


That is how they have always done it, long before tinubu came in. Yes, APC changed nothing, and should have brought in more accountability.

But there is a solution, and the current NNPC boss and his predecessor have been harping on it for over 7 years, if not longer. Remove subsides, let the free market take its course, and all that nonsense would end like magic. Remove subsidy. But NIgerians, poor and rich, both always say no.

THat we even had this partial removal was because debt was eating 90% of our revenue by August 2022.



Remove subsidy, yes fuel would sell at N1200 here, but that nonsense would end.

That was not how it's done... Other marketerd were allowed to import too

matify83:



Read up my post and your incongruous analysis slowly and see how you have ended up confusing yourself.

Your hunger-induced uncouth attack is duly noted .

Market forces determine nothing a NNPC fix price by deciding the Amount o loses they want to take

Even like this people have return to years back when they use to cook rice only on sunday's. If they increase fuel price, what would then happen?

COMRADES, there is always an iota of truth in every rumour, NNPC stop the lies

matify83:
They have ceded their power to control pump prices of petroleum products after deregulating the market.

Their rebuttal of increasing petroleum products prices is of no effect as market forces will determine which way the pendulum swings.

I am not sure you are in Nigeria but the market was never deregulated.
Tinubu simply tripled the price of petrol.

The current petrol price without subsidy should be at least #800 per liter.

ivolt:

I am not sure you are in Nigeria but the market was never deregulated.
Tinubu simply tripled the price of petrol.

The current petrol price without subsidy should be at least #800 per liter.

But NNPCL has always maintained that it is not subsidizing petrol.

https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.thecable.ng/were-recovering-full-cost-on-imports-nnpc-says-no-subsidy-on-petrol/amp&ved=2ahUKEwj0s_Hv-J6EAxUq8QIHHSRKBi0QFnoECCAQAQ&usg=AOvVaw0qLd6OToyWpzwzEWlTQexW

matify83:


But NNPCL has always maintained that it is not subsidizing petrol.

https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.thecable.ng/were-recovering-full-cost-on-imports-nnpc-says-no-subsidy-on-petrol/amp&ved=2ahUKEwj0s_Hv-J6EAxUq8QIHHSRKBi0QFnoECCAQAQ&usg=AOvVaw0qLd6OToyWpzwzEWlTQexW

NNPC is lying.
The current landing cost is higher than the current petrol price which means loss selling.