NNPCL Reaffirms Full Recovery of Petrol Import Costs, Dismisses Subsidy Claims

The Nigerian National Petroleum Company Limited (NNPCL) has firmly stated that it has fully recovered the costs incurred from importing petrol into the country.

The company also addressed and dismissed any allegations regarding the reinstatement of the petrol subsidy.

Chief corporate communications officer, NNPC Ltd, Olufemi Soneye, clarified that the subsidy regime ceased to exist following the directive by President Bola Ahmed Tinubu.

“It is important to emphasize that the subsidy is no longer in place. Contrary to allegations, petrol subsidy has not been reinstated,” Soneye affirmed during a conversation.

This statement comes after the CEO of Rainoil Limited, Gabriel Ogbechie, reportedly claimed that the federal government had resumed the payment of the controversial fuel subsidy, citing the devaluation of the Naira in the foreign exchange market.

According to the Petroleum Industry Act (PIA), the responsibility of ensuring energy security at any given time is vested in the NNPCL.

The company is expected to fill any gap that arises until a resolution is reached, ensuring that the country does not face turmoil.

While acknowledging that the NNPCL draws from its profits to maintain operations and uphold energy security, an industry source highlighted that the specifics of cost recovery between the government and the NNPCL remain an internal matter.

The issue of petrol subsidy has been a contentious topic in Nigeria, with the country grappling to balance its energy security and fiscal responsibilities.

The NNPCL’s recent statement underscores its commitment to transparency and adherence to the provisions of the PIA, which aims to transform Nigeria’s oil and gas sector and foster sustainable growth.

As the country navigates the challenges posed by fluctuating global oil prices and currency devaluation, the NNPCL remains steadfast in its efforts to ensure energy security and support the Nigerian economy.