FG denies ordering NNPCL to sell fuel at N1000 per litre

Tuesday, September 3, 2024 - The Federal government has rubbished reports that the Ministry of Petroleum has ordered NNPCL to sell fuel at N1000, above the approved pump price.

 In a statement on Tuesday, September 3, signed by Nneamaka Okafor, Special Adviser to the Minister of State for Petroleum, the FG said the report was concocted and ill-conceived to sow discord and confusion in the oil industry.

 According to Nneamaka, “There was never a time FG interfered with petroleum pricing with NNPCL, let alone give directives for price increment.”

 She said, "The Federal Government is compelled to address the outright falsehoods currently being circulated on social media, which claim that the Honourable Minister for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has directed the Nigerian National Petroleum Company Limited (NNPCL) to inflate petroleum prices above the approved pump price.

 "We categorically condemn these claims as baseless, malicious, and a deliberate attempt to incite public discontent.

 "We challenge anyone in possession of any evidence-be it written documents, audio, or video recordings-that supports these fabrications to make it public.

 "Such a claim is entirely devoid of truth and should be recognized as an intentional effort to mislead the public.

 "It must be stressed that NNPCL operates as an independent entity under the Companies and Allied Matters Act (CAMA), with a fully empowered Board of Directors.

 "The Ministry of Petroleum Resources does not, and will not, interfere in the internal decisions of NNPCL, including pricing matters. Any suggestion otherwise is incorrect and reveals a profound misunderstanding of the deregulated nature of Nigeria’s petroleum sector."

 She said the Minister of Petroleum, Lokpobiri, merely elaborated on why fuel smuggling and pipeline vandalism cannot stop.

 He said, "If NNPC imports PMS and sells to marketers at perhaps N600 or below, there’s no way that smuggling can stop.

 “When smugglers are taking the products outside the country, even if you put all the policemen on the road, they are Nigerians; you and I know the answer.”