NNPCL Explains Decision to Maintain Petrol Pump Price
Despite recent increases in the pump price of Premium Motor Spirit (PMS) by various marketers, the Nigerian National Petroleum Company Limited (NNPCL) has maintained its price at N880 per litre in the Federal Capital Territory (FCT).
A market survey of NNPCL retail outlets across Abuja confirmed a uniform price of N880 per litre. In contrast, in Lagos, the corporation has kept its pump price at N860 per litre, while other major marketers have raised their prices to between N930 and N980 per litre.
NNPCL’s Chief Corporate Communications Officer, Mr. Olufemi Soneye, attributed this price stability to the company’s commitment to its core mandate. He emphasized that the Petroleum Industry Act (PIA) requires NNPCL to ensure energy security across the country.
When asked why the NNPCL had not adjusted its pump price, Soneye responded “Energy security. The law mandates NNPC to be the supplier of last resort.”
Regarding whether the company was operating at a loss to maintain this price, he stated, “Not really.” He further noted that NNPCL’s Port Harcourt and Warri refineries are operational and supplying products to the domestic market. The company refines its own feedstock through its upstream subsidiary, the National Petroleum Development Company (NPDC), and its joint venture companies (JVCs).
NNPCL’s decision to sustain its pump price—despite rising crude oil prices and exchange rate fluctuations—demonstrates a commitment to energy security, albeit with a slim profit margin.
A survey of petrol stations in Abuja revealed that some major oil marketers were selling PMS for between N950 and N970 per litre, while independent marketers priced it as high as N990 per litre, attracting minimal patronage. Meanwhile, NNPCL outlets experienced significant customer traffic.
At Dangote-affiliated MRS petrol stations, prices were recently adjusted from N880 to N950 per litre. Additionally, on March 19, Dangote Refinery announced a temporary suspension of PMS sales in Naira, citing NNPCL’s halt in feedstock supply to the refinery in local currency.
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