The announcement of the Nigerian National Petroleum Corporation Limited (NNPCL) on being unable to sustain fuel supply is a game plan, according to experts. On…

The announcement of the Nigerian National Petroleum Corporation Limited (NNPCL) on being unable to sustain fuel supply is a game plan, according to experts.

On Sunday, Chief Corporate Communications Officer of the NNPCL, Olufemi Soneye, admitted that the national oil company is owing suppliers, but did not specify the exact amount.

“NNPC Ltd has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply,” Soneye said in a statement.

Experts have, however, suggested that the announcement is part of a game plan from the government, which may lead to 950/1,000 per litre price for petrol.

They alleged that government officials had been pushing this narrative in the last two weeks.

The Minister of State for Petroleum, Heineken Lokpobiri, had, on Monday, asked the NNPCL to halt the sale of fuel below landing costs, arguing that this would help curb smuggling to neighbouring countries.

The Major Energy Marketers Association of Nigeria (MEMAN) recently disclosed that the landing cost of petrol as of July, 2024, was N1,117 per litre.

It also revealed the landing costs of AGO (Diesel) at N1,157 for a 20KT vessel and ATK at N1,217 for a 15KT vessel landing in Apapa, Lagos.

An independent oil marketer, who preferred anonymity, said: “It was almost inevitable for the pump price to not rise, as this is one of the outcomes of a fully deregulated market.

“The NNPCL remains the main importer, with private importation remaining limited. This situation is worsened by Nigeria’s declining crude oil output, which impacts the country’s capacity to import refined products. The Organisation of Petroleum Exporting Countries (OPEC) has noted the dwindling output of many nations, including Nigeria”, the marketer said.

A former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Ejigbo Depot in Lagos, Mr Akin Akinade recently said: “Our members have no direct supply from NNPC. We buy from Third Party. We buy at DAPMAN Depot in Abule Ado.

“They sell to us N840, N850, and by the time you add transportation to that, there is no way our members would sell less than they are selling. If they bring down their price, we are also going to bring down our price. We are in business to make money”, he said.

In a chat with Daily Trust, Chief Executive Officer, 11 Plc (formerly Mobil Nigeria), Tunji Oyebanji said: “Selling below the cost, whether from import or local refineries, is not sustainable. If they sell at economic price, perhaps others can import, supply will improve, and the financial strain will not be on them alone. It’s either that or these supply disruptions will continue indefinitely. I am baffled why they have not been upfront about this since instead of denials.”

https://dailytrust.com/nnpcls-financial-strain-is-a-game-plan-to-increase-pump-price-experts/

Nlfpmod

Every sane and well discerning person knows that fact. This government is really evil.

Islie:

The announcement of the Nigerian National Petroleum Corporation Limited (NNPCL) on being unable to sustain fuel supply is a game plan, according to experts. On…




https://dailytrust.com/nnpcls-financial-strain-is-a-game-plan-to-increase-pump-price-experts/

Nlfpmod

We told you, he is only a tax collector, but noise makers called him builder of men. Fuel will reach N2000 per, then you will understand the acronym of APC.

These useless experts stand on the byline to spew shiity analysis as they know that no one would hold them responsible for failed suggestions/analysis even if things go south

They said multiple things about the impact of Dangote refinery and the CBN rate sometimes in April 2023 and here we are, none seem great like projected earlier

Trash

This has been their target since. It's the reason Dangote Refinery including PH Refinery have not started production.

NNPCL should not try to introduce any further increments to the already high price we are currently battling with.

Meanwhile, these people should allow Dangote Refinery to start working smoothly, while government allow other investors to avoid monopoly in the long run.

Hmmm. I see why they have been frustrating other local refineries from producing.

It's really a terrible situation in this country. They should be careful o, this is a country where the increase in fuel price translates to total inflation.
No go push people to the streets again o.

JAGABAN....GAME MAN

It's obvious......I'll recommend an emergency forensic investigation to burst the crime syndicate....NNPCL is laden with psychotic criminals.

Omo, make them no try am oo.

A real game plan by this disastrous, imbecilic & anti-people administration...

Nigerian leaders can only loot Nigeria's coffers and not another country's. When they launder their loot abroad, the leaders of those countries will still call them lifeless, they will refuse to shake hands with Nigerian leaders, neither will they recognize them in important gatherings meant for the attendance of human beings and genuine leaders. This is because Nigerian leaders are riffraffs to those outsiders. Monkey characteristics (truly, blacks are monkeys, they look like humans, but they are not, they are sub-humans).

Nsogbu di

iwaeda:


We told you, he is only a tax collector, but noise makers called him builder of men. Fuel will reach N2000 per, then you will understand the acronym of APC.

He only "builds" men and women who furthers his selfish interests.

Next year will be hell pro max.
Tinubu is a disaster.

Tinubu is a weapon fashioned against Nigeria.

Subsidy is gone.

Lol.

Nigerians do not know that life is spiritual. There's a judgement on your country and people. The devils and liars and thieves ride roughshod over you, yet you are still sleeping.

a rider on a black horse emerged in 2023 in your country. He carried a pair of scales. The color black signifies starvation and death.

Note this:
A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine."

Nigerians you will sell your children to eat food.


Your enemies though few have you hemmed in, you know them but you will not consume them even out of love for your children. You will rather perish as slaves along with your children.

INTEGRITYA1:
NNPCL should not try to introduce any further increments to the already high price we are currently battling with.

Meanwhile, these people should allow Dangote Refinery to start working smoothly, while government allow other investors to avoid monopoly in the long run.

There is already an increment.

They are adding price little by little not to raise alarm.

It will favour me and my family...

Tinubu is worse than HIV/AIDS, Cancer of any kind. It is better someone contracts HIV than allowing Tinubu to rule over his family

Expect triple inflation. By December bag of rice will be 150k

Omo ehhhh



Nigeria don tire person. If to say I know I for don follow my secondary school friend japa many years ago. Chaiii e don hard now

These guys are pushing people beyond their breaking points.

Issokay

The corntree is bleeding.... But the daddy's crew still never know.

Since BAT knows that 2027 is gone, he would do & undo these remaining 2 years+...

To FG/BAT/nnpc: Abeg as regards increasing pump price, I will sing FLEKTA MAN'S "No think Am!"

If subsidy is removed then any marketer can sell at whatever price you like, no need to do any price increase anouncement.

And subsidy payments to Tinubu and his friends

Una never see anything. All of una go suffer

😔💔💔💔

potbelly:
It will favour me and my family...

Self centerdness.......

Fact is that the "gains" they made from the subsidy removal have been mostly wiped out by inflation. We suffered for nothing. If Tinubu was as smart as they say, he should have anticipated this and thread more carefully. The only way forward for them is to remove some more subsidy, that is, increase pump price. But nobody will accept that. So I suggest they ride the storm as best as they can (shouldn't be long now), give every support to Dangote to come on stream, and hope that helps achieves acceptable pricing.

This is a grand plan to privatize the whole country,nigerians are subscribed