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Business & Finance

NNPC: Corporation Reassures Nigerians Of Commitment To End Fuel Scarcity

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This is contained in a statement signed by Mr Garba Deen Muhammed , Group General Manager, Group Public Affairs Division, on Monday in Abuja.

The Nigerian National Petroleum Corporation(NNPC) has reassured Nigerians of its commitment to end the persistent fuel scarcity in the country.

This is contained in a statement signed by Mr Garba Deen Muhammed , Group General Manager, Group Public Affairs Division, on Monday in Abuja.

“We wish to re-assure Nigerians that we are on top of the petroleum products supply and distribution situation and we remain committed to eliminating this endemic issue once and for all within the next few days.

“We genuinely empathize with the attendant sufferings and wish to reassure that we are focused and committed to bring an end to this situation within the next few days.

“We kindly call on all Nigerians to partner with us on this journey to allowing the whole process of change come into fruition,” it said .

It said the current administration inherited a huge catalog of issues and problems in the downstream sector not limited to arrears of subsidy payments to Oil Marketers.

Other issues, it said, included corruption and inefficiencies in the supply and distribution chain, incessant vandalism of pipelines and poor performance of refineries, among others.

It noted that a combination of these issues resulted in most oil majors completely pulling out from the importation business .

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This, it said, led to NNPC assuming a near 100 per cent importation obligation without the necessary logistics put in place.

It said the NNPC Management had initiated and made progress on various key solutions to providing a lasting end to these issues.

It added that with the firm support of President Muhammadu Buhari and the National Assembly, the debt burden had been reduced since Jan. 1.

“We have been able to eliminate subsidy payments by managing prices at current levels through price modulation.”

This has resulted to savings of over N100 billion monthly for the nation.

“Nationwide Petroleum supply and distribution have been ramped up to all states to ensure product availability in the country,” it said .

According to the statement, the current supply to states is in excess of the normal consumption especially in the five major consuming cities.

It added that monitoring had been intensified to ensure full compliance with approved prices adding that violations of approved prices and hoarding of petroleum products attracted penalties.

The penalties include giving out of petroleum products free to the public and sealing off fuel stations found to be hoarding petroleum products and payment of a fine.

source: pulse.ng


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