NNPCL denies misleading claims on fuel pricing, promises end to scarcity

The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims about the pricing of Premium Motor Spirit (PMS), stating that a recent remark attributed to NNPCL spokesperson Mr. Olufemi Soneye is both misleading and mischievous.

According to a statement by Anthony Chiejina, Group Chief Branding and Communications Officer, NNPCL emphasized that the suggested price of N898 per litre is inaccurate and should be disregarded by the public.

The timing of this controversy comes as NNPCL is set to make significant strides in addressing the nation’s long-standing energy challenges.

Chiejina stressed that the misleading statement seeks to undermine the company’s achievements, particularly its role in resolving issues related to fuel scarcity and energy insecurity, problems that have plagued Nigeria for over five decades.

Industry experts have weighed in on the controversy. Dr. Ademola Adebayo, a senior energy analyst, commented, “The claims about pricing appear to be an attempt to distort the narrative at a time when Nigeria is on the verge of critical reforms.

The switch to Naira-based crude sales for local refineries could be a game-changer if implemented correctly.” He also noted the ongoing challenges of fuel importation and how domestic crude sales could mitigate the country’s dependence on foreign imports.

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NNPCL clarified that while the current stock of crude was procured in dollars, the switch to a Naira-based pricing model is imminent, with formal pricing announcements expected on October 1, 2024.

This transition, backed by the Technical Sub-Committee on Naira-based crude sales appointed by President Bola Ahmed Tinubu, is designed to ensure that petrol is available across all local government areas, including remote regions, once implemented.

Experts believe that the NNPCL’s strategy could provide significant savings compared to the current reliance on dollar-denominated imports.

Energy consultant Ifeoma Eze noted, “This could ease pressure on foreign reserves and stabilize the supply chain for refined products, resulting in a long-term solution to fuel scarcity.”

In its statement, NNPCL reassured Nigerians of the availability of high-quality petroleum products and reiterated its commitment to ending the persistent fuel shortages.

“This is a milestone achievement,” Chiejina concluded, urging Nigerians to disregard misleading information and await the forthcoming policy shifts.