- No plan to hike fuel price, says NNPCL
The Nigerian National Petroleum Company Limited Ltd and the Central Bank of Nigeria have agreed to enhance their banking relationship for smoother commercial operations, ensuring improved cash management and digital transaction platforms.
This agreement was announced on Thursday in a statement jointly signed by the spokesperson of NNPCL, Olufemi Soneye and his counterpart at the CBN, Hakama Sidi Ali.
“The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mallam Mele Kyari, and the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, have reviewed the decision of the NNPCL to domicile a significant portion of its revenues and other banking services with the CBN.
“Following their meeting in Abuja on Thursday, February 8, 2024, the NNPCL and CBN Chiefs noted the value created by the decision for all parties, especially in providing the NNPCL with an improved platform for managing its cash holding obligor limits in commercial banks set by the Board of Directors,” the statement read.
According to the statement, the CBN has provided enhanced digital platforms for all transactions and has established specific limits to manage NNPCL transactions.
Both parties further announced that they have also committed to further strengthening the collaboration to ensure seamless operations of the commercial NNPC limited.
They also noted that NNPCL would continue to have banking transactions with commercial banks as required.
President Bola Tinubu recently issued a directive instructing the NNPC to start submitting receipts of crude oil sales to the apex bank for vetting and documentation.
No plan to hike fuel price — NNPCL
Meanwhile, the NNPCL on Thursday said it was not planning to increase the cost of Premium Motor Spirit, known as petrol.
The NNPCL in a statement by its Chief Corporate Communications Officer, Olufemi Soneye, urged Nigerians against panic buying of petrol.
The statement read, “NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price.
“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country.”
Oil marketers had expressed fears that there might be a scarcity of petrol if the NNPCL fails to make the product available to depot owners and other dealers.
They said the long queues being experienced in filling stations and some parts of Lagos and Ogun States might eventually spread to other parts of the nation should the NNPCL fail to sell enough petrol to distributors.
Long queues have since Monday resurfaced in different filling stations in Lagos State, causing traffic gridlock in Ikeja and other areas, as residents feared there might be a fresh scarcity of petrol.
Soneye had on Tuesday dismissed insinuations of fresh fuel scarcity.
He disclosed that NNPCL did not have supply issues, adding that its products remained readily available.
He added that the distribution issue in some areas had been resolved.
“We are pleased to confirm that there are no supply issues and our products remain readily available.
“The recent tightness experienced in certain areas was due to a brief distribution issue in Lagos, which has since been resolved,” Soneye said on Tuesday.
