The NNPC Limited has appealed to Nigerians for understanding as fuel scarcity continues to affect parts of Lagos and the Federal Capital Territory (FCT).
Speaking during the release of its 2023 audited financial statement in Abuja, Executive Vice President Downstream, Dapo Segun while responding to questions from Journalists attributed the scarcity to difficulties in navigating the Escravos channels and road networks.
“The rain has caused siltation in the channels, making it difficult for vessels to pass through. We have vessels queuing up, waiting to discharge their cargo, but the tightness in Lagos is due to short supply issues,” Segun explained. “However, I can assure you that the situation has been addressed, and vessels are now discharging cargo in Lagos.”
Segun also stated that the Port Harcourt Refinery will begin production by December 2024, after certification by NMDPRA.
Additionally, NNPC Ltd debunked controversy surrounding fuel subsidies, declaring that it has not paid any subsidy claims for nearly a decade.
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Chief Financial Officer Umar Ajiya clarified that the company has only addressed PMS importation shortfalls, not subsidy payments.
“For the past 8 or 9 years, this company, even as a corporation, has not paid anybody a dime or one Naira as subsidy. No one has been paid kobo by NNPC in the name of subsidy,” Ajiya said. “What has been happening is that we’ve been importing PMS, landing at a certain price, and government is telling us to sell it at half price. So the difference between that landed price and half price is what we call shortfall or we call it subsidy.”
On production, the company achieved a significant milestone, reaching 1.558 billion barrels of crude oil per day, including condensate.
Executive Vice President Upstream, Eyesan, noted that the company is working to address oil theft and pipeline vandalism, resulting in increased production.
(Editor: Paul Akhagbemhe)
