NNPCL could stop petrol import with depots price set to hit N1,000/ltr

The Nigerian National Petroleum Corporation Limited (NNPC) may stop the import of petrol into the country.

With the cost of petrol now between N920 and N950 per litre, the pump prices of the commodity may rise above N1,000/litre in filling stations.

On Monday, protesters took to the streets of Abuja, demanding the immediate dismissal of the Group Managing Director of the NNPC, Mele Kyari, over the lingering fuel scarcity in the country.

It was gathered that the NNPC had informed oil marketers about the financial strain regarding the importation of petrol.

This raised concerns among dealers, who expressed worry over the possibility of a halt in the importation of petrol by NNPC.

NNPC’s spokesperson, Olufemi Soneye, had earlier declared that the national oil company was facing financial strain. NNPC is the sole importer of PMS into Nigeria, shouldering subsidies on the commodity running into several trillions of naira.

“NNPC Ltd faces financial strain due to PMS supply costs, impacting supply sustainability. NNPC Ltd has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. This financial strain has placed considerable pressure on the company and poses a threat to the sustainability of fuel supply.

“In line with the Petroleum Industry Act, NNPC Ltd remains dedicated to its role as the supplier of last resort, ensuring national energy security. We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide,” Soneye stated on Sunday.

Marketers said officials from the oil company had informed petrol dealers of the development, stressing that this may further lead to a hike in the pump prices of petrol in the coming weeks.