The Nigerian National Petroleum Company Limited (NNPCL) has refuted reports claiming petrol prices have risen to N1,045 per litre, clarifying that no official pricing has been announced for products from the Port Harcourt Refinery. In a bid to address public concerns, NNPCL confirmed that the refinery is yet to begin bulk sales, and the rumored price increase is baseless. This clarification comes as Nigerians face economic challenges and anxieties over fuel affordability.
Currently, petrol sold at NNPCL retail outlets is sourced from the Dangote Refinery, with pricing inclusive of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fees. NNPCL reiterated its commitment to maintaining transparency in its pricing strategy and operational updates, assuring stakeholders that official announcements will be made once all necessary processes are finalized.
NNPCL Denies Commencement of Bulk Sales
NNPCL spokesperson Olufemi Soneye affirmed that the company has not started bulk sales of petroleum products. He explained that the purchase portal remains closed as internal processes for finalizing pricing strategies and sales logistics are still ongoing. This clarification counters any assumptions that bulk sales have begun or that the rumored pricing is valid.
“We have not yet commenced bulk sales, and we have not yet opened the purchase portal as we are still finalizing the necessary processes,” Soneye stated. This statement underscores NNPCL’s careful approach in managing the distribution of petroleum products to ensure market stability and consumer protection.
Port Harcourt Refinery Products Limited to NNPCL Retail Stores
Products from the Port Harcourt Refinery are currently restricted to NNPCL-operated retail stores, according to the company. This move is part of a strategic decision to maintain control over the supply chain while ensuring consistent product availability across its network of outlets.
The company highlighted that its pricing strategy is under continuous review and will be adjusted as market conditions demand. By limiting Port Harcourt Refinery products to its stores, NNPCL aims to maintain quality assurance and prevent market distortions caused by unauthorized distribution.
Dangote Refinery Supplies Dominate Current Market
While the Port Harcourt Refinery has yet to impact the market, NNPCL disclosed that its current supply is predominantly sourced from the Dangote Refinery. These products include fees mandated by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), ensuring compliance with regulatory standards.
This reliance on Dangote Refinery products highlights the collaborative framework within Nigeria’s energy sector. The partnership ensures steady supply levels during the transitional phase of the Port Harcourt Refinery’s operations.
Nigerian National Petroleum Company Limited Reaffirms Commitment to Transparent Pricing
In light of the recent rumors, Nigerian National Petroleum Company Limited reiterated its dedication to maintaining transparency in pricing and operational procedures. The company assured stakeholders that its pricing framework is subject to rigorous evaluation and adjustments as required by economic and regulatory conditions.
Olufemi Soneye emphasized the importance of accurate information, urging consumers and media outlets to rely on verified updates directly from Nigerian National Petroleum Company Limited. By dispelling misinformation, the company aims to foster trust and stability in Nigeria’s energy market.
NNPCL Urges Public Vigilance Amid Fuel Price Speculations
The Nigerian National Petroleum Company Limited (NNPCL) has advised the public to remain cautious and well-informed in light of ongoing speculations about fuel prices. The company emphasized the importance of verifying any pricing claims through its official channels to prevent the spread of misinformation and unnecessary panic. With rumors circulating about potential increases, Nigerian National Petroleum Company Limited reassured consumers that it remains dedicated to providing timely and accurate updates regarding fuel availability and pricing.
As the Port Harcourt Refinery approaches full operational capacity, Nigerian National Petroleum Company Limited reaffirmed its commitment to addressing public concerns transparently and proactively. By fostering open communication and dispelling false claims, the company aims to ensure that Nigerian consumers and businesses are equipped with reliable information to navigate the evolving energy landscape confidently.
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