Thursday, September 29, 2022

NNPC to establish retail outlet in Niger Republic: GMD

The NNPC boss said the outlet in Niger would help curb smuggling of petroleum products across land borders. There no word, however, on similar plans for other neighbouring countries.

• August 25, 2021
NNPC Group Managing Director (GMD), Mele Kyari and President Muhammadu Buhari
NNPC Group Managing Director (GMD), Mele Kyari and President Muhammadu Buhari

The Nigerian National Petroleum Corporation (NNPC) is already in talks with the Government of Niger Republic to establish a retail outlet in the neighbouring country, says its Group Managing Director Mele Kyari.

Mr Kyari said this is with a view to curb smuggling of petroleum products across Nigeria’s land borders.

Mr Kyari, who made this known at the 2022 to 2024 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) public hearing by the House of Representatives Committee on Finance, did not state whether similar plans were were in the offing for other countries who share borders with Nigeria.

Nonetheless, the NNPC boss argued that the national fuel consumption per day may not be above 60 million litres as being speculated, noting that anytime NNPC supplies less than that, there would be a problem.

He also said that President Muhammadu Buhari had personally directed him to take the step that would curtail cross-border smuggling, while also admitting the challenges posed by land borders aids activities of smugglers.

The GMD said that those who took crude oil across the border would not sell at the official price.

Mr Kyari said that there was an ongoing initiative to electronically monitor petrol distribution across the country. He said an electronic monitor would be put on tanks and fuel stations to monitor them.

He stated that with the electronic monitoring, every truck carrying fuel would be visible as they discharged their load and all the fuel stations would be seen as they discharged.

The NNPC boss stated that the country may not exit the fuel subsidy regime in 2022, but stressed that it would in 2023 when the Petroleum Industry Act (PIA) may have been fully activated.

Meanwhile, the NNPC GMD says that the decision of the NNPC to be on the board of the Dangote refinery was a calculated attempt, adding that as of today Nigeria does not have strategic storage.

“We are taking interest in Dangote refinery and up till now he does not want us to take 50 per cent equity and it was structured on the fact that he must buy 3,000 barrels of crude oil from us per day,” he stated.

He said that Mr Dangote had a choice to buy crude oil from anywhere in the world but we insisted that he must buy from the country, stressing that it was a good deal the NNPC was proud to broker.

Mr Kyari said that contrary to insinuation, the NNPC had not abandoned the country’s refineries and it was not about taking a 500 million-dollar loan to repair them.

He added that none of the country’s refineries had undergone full-scale rehabilitation since 2000.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

President Muhammadu Buhari


Buhari cautions candidates, media handlers against personal attacks during campaigns

He said that as the president, he has always reiterated his commitment to a peaceful, credible and transparent election.


My 4 wives, 28 children will for vote for Tinubu, APC: Ado Doguwa

“I have done my flag off with my 28 children and four wives, who will vote for Tinubu and every other candidate of the APC.”

Vice President Yemi Osinbajo

Heading 5

Osinbajo urges elites to bridge gaps between haves and have-nots

Mr Osinbajo said that the federal government’s Social Investment Programmes and other welfare programmes were meant to address societal gaps.


Airport Project: Ekiti farmers block highway over govt’s failure to compensate for destroyed farmlands 

The farmers wielded sticks and iron bars and set up bonfires on the road to make it impassable.

Ademola Adeleke and Dotun Babayemi

Hot news Home top

Supreme Court affirms Adeleke as PDP guber candidate in Osun 

Mr Adeleke’s victory is still being challenged by the APC candidate and Osun State governor Gboyega Oyetola at the Governorship Election Tribunal.


Global oil prices hit $90 per barrel as OPEC mulls output cut

Brent crude futures rose 52 cents, or 0.6 per cent, to $89.84 a barrel by 1027 GMT.