NNPC opens up on reducing prices of petrol and diesel

The Nigeria National Petroleum Corporation, NNPC has debunked reports that it reduced the price of Premium Motor Spirit and Automotive Gas Oil.

Olufemi Soneye, NNPC’s Chief Corporate Communications Officer, gave the denial in a statement on Wednesday.

He said the reports making the round were fake and should be disregarded.

The statement reads; “The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide. The company asserts that these reports are false and urges Nigerians to disregard them entirely.

“NNPC Ltd. reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country.”

Meanwhile, the NNPCL has said its gas strategy is set to trigger Nigeria’s industrialisation and economic growth.

NNPC’s Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, disclosed this during a Panel Session at the 2024 CERAWeek Conference in Houston, the United States.

Eyesan said Nigeria is a predominantly gas-rich country which boasts of over 200TCF of gas that can be leveraged for the country’s industrialisation and economic development.

She noted that NNPC Ltd plans to deepen gas utilization domestically for industrialization and ensuring that the entire country feels and optimizes the use of the resource.

She added that NNPCL is vigorously opening avenues for infrastructural gas development through various gas projects spread across the country.

“Our focus is how do we move from predominantly oil player to gas player and not just for gas for the sake of gas but gas for power generation, and for industrialization, “she stated.

Eyesan observed that the NNPC Ltd is also focused on emission reduction and gas flare-out, adding, “We want to capture all gas flared, utilize it and for domestic use and and ultimately, increase our energy transition footprints”.

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