The Nigerian National Petroleum Company Limited (NNPC) has debunked a recent report saying it has ended petrol import in favour of local refineries such as Dangote Refinery.
The national oil company called the report a misrepresentation and misinterpretation of fact.
On Tuesday, November 12, 2024, a report attributed to the NNPC’s Group Chief Executive Officer, Mele Kyari, said that the state oil firm had stopped importing fuel to support domestic refineries.
Responding to the report, Femi Soneye, NNPC’s chief corporate communications officer, Femi Soneye, stated that while Kyari’s statements were accurately quoted, the allusions presented in the article were misleading and did not show the full context.
According to Soneye, the report was accurate in parts, but the added interpretations are not precise and factual, creating a narrative far removed from reality.
The NNPC spokesman expressed disappointment over the report’s inaccuracies and asked media houses to verify facts carefully, especially on issues of national importance.
Soneye said that NNPC’s priority is to source petroleum products from domestic refineries when economically possible. Still, it does not suggest an obligation to buy exclusively from any specific refinery or to cease fuel imports altogether.
He stressed that the NNPC’s procurement decisions would continue to be guided by cost efficiency rather than an absolute commitment to local refineries.
Soneye said that the Petroleum Industry Act (PIA) authorised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), not NNPC, to issue import licenses.
He stated that under the PIA, the national oil firm holds no more than 30% of the market cap to prevent monopolistic practices. The Act allows for a competitive, free-market system where local refiners must compete on pricing and value.
TimesNow.com.ng earlier reported that the Organisation of Petroleum Exporting Countries (OPEC) disclosed on Wednesday, November 13, 2024, that Nigeria’s oil production, excluding condensate, stood at 1.434 million barrels per day in October 2024.
The OPEC figure showed a massive difference from Nigeria’s claim of 1.8 million barrels per day for the same month, including condensate.
The condensate output averaged 250 barrels daily, showing that crude output per FG’s claim was about 1.55 million in October.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
Source: TimesNow.com.ng
