“Petrol price won’t drop to N300/litre, if…”
The Nigerian National Petroleum Company Limited (NNPCL) has denied inflating subsidy on Premium Motor Spirit (PMS) by N3.3 trillion.
Meanwhile, Major Energy Marketers Association of Nigeria (MEMAN) has ruled out the possibility of petrol dropping to N300 per litre, if the country continues to import crude.
A release, yesterday, by the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, described the company as accountable and transparent, observing international best practices.
Reacting to allegations in the media that NNPCL had questions to answer on subsidy, Soneye said the company, at no time, inflated its subsidy claims with the Federal Government.
He stated that previous subsidy claims by the company were verifiable, as relevant records and documents had been sent to relevant authorities and agencies.
Asserting that NNPCL is neither aware of any audit of its subsidy claims nor probe, Soneye stressed that claims of inflation were ridiculous and mere imagination.
The company, according to him, will resist any attempt to drag it into the fuel subsidy politics as it operates on a commercial basis and the express provisions of the Petroleum Industry Act (PIA).
“It is on record that in line with its Transparency, Accountability and Performance Excellence (TAPE) mantra, NNPCL has, on many occasions, independently invited external auditors to review its books.
“NNPCL calls on media practitioners to exercise restraint and verify information before publication, in keeping with the ethics of the noble profession of journalism, to avoid misleading the public,” Soneye said.
MEMAN expressed its view in response to rumours that the pump price of PMS would drop to about ₦300 per litre upon the commencement of massive production by the Dangote Petroleum Refinery and other indigenous producers and refineries.
MEMAN said the N300 price could only be achieved if the Federal Government provided adequate crude oil to local refiners, adding that refineries abroad were ripping off Nigeria.
“A lot of companies today benefit from the importation of petroleum products at the expense of Nigerians,” Eche Idoko, the Publicity Secretary, Crude Oil Refinery Owners Association of Nigeria (CORAN), told Channels. “If we begin to produce PMS today in large volumes, provided there is adequate crude oil supply, I can assure you that we should be able to buy PMS at N300 per litre.
“Why make Nigerians buy it at almost N700 per litre when you know that if you allow refineries to work, the price will reduce? Is it because you want to satisfy the global refiners abroad that are making so much from us?” he queried.
