NNPC Speaks on $6bn Petrol Payment after Building Filling Stations to Sell Fuel at N200
- The spokesman for the Nigerian National Petroleum Company Limited (NNPC) has debunked the report of owing petrol marketers $6 billion
- Olufemi Soneye, the NNPC mouthpiece, said the report is fake as it failed to name the marketers the company owes
- A report by Reuters alleged that the national oil firm is struggling to pay $6 billion in backlog payments to marketers
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Chief Corporate Communications Officer of the Nigerian National Petroleum Company Limited (NNPC), Olufemi Soneye, has incorrectly described a report stating that the company incurred $6bn in backlogs of petrol payments.
The NNPC spokesman disclosed that the report is fake news and that it does not know anything about it.
Source: Facebook
NNPC calls report fake news
According to Soneye, the report should have named the marketers to whom the NNPC owes the amount.
PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!
A report by Reuters has said that Nigeria’s debt to petrol traders has exceeded $6 billion and doubled in early April this year as the NNPC struggles to close the gap between fixed pump prices and international fuel costs.
The report said the debt has led some marketers to withdraw from the petrol supply entirely, causing scarcity in some parts of the country.
Reuters quoted sources on Thursday, July 4, 2024, saying that the NNPC capped the petrol prices shortly after removing the subsidy in May.
The report said the cap on petrol prices has led to stability at the pump despite the rise in international crude oil prices and the naira devaluation against the dollar.
NNPC reportedly facing challenges paying marketers
According to the report, NNPC began facing challenges early this year when petrol payments exceeded $3 billion, saying that the company has not paid some marketers since January.
It said that the payments now amount to between $ billion and $5 billion for some traders.
The NNPC spokesman, who spoke to another medium, did not answer his calls nor reply to text messages sent to his line by Legit.ng seeking clarification on the alleged debt.
Marketers silent as scarcity resurfaces
When Legit.ng contacted Chinedu Okoronkwo, the former President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), he referred to the current President, Abubakar Maigandi.
Maigandi did not answer or reply to text messages sent to his phone.
BusinessDay reports that long queues are making a comeback across significant petrol stations in parts of Nigeria.
NNPC builds CNG stations
This comes as the NNPC announced that it had commissioned 12 new gas stations in Lagos and Abuja specifically for Compressed Natural Gas (CNG) vehicles.
The newly operational CNG stations, six in Lagos and six elsewhere are part of government efforts to reduce transportation costs in the country.
The new CNG stations add to the recently commissioned station in Ilasamaja, Lagos state.
NNPC declares state of emergency on crude oil production
Legit.ng earlier reported that the NNPC Ltd has declared a state of emergency on crude oil production.
Speaking at the ongoing 2024 Nigeria Oil and Gas (NOG) Energy Week in Abuja on Tuesday, June 2, NNPC Ltd's group chief executive officer, Mele Kyari, declared a decisive move to address forces and challenges hindering crude oil production in the country.
According to the NNPC Limited boss, Nigeria can conveniently produce two million barrels of crude oil daily without deploying new rigs.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
PAY ATTENTION: Stay Informed and follow us on Google News!
Source: Legit.ng
