Nigerian National Petroleum Company Limited (NNPC Ltd) has said it has enough supply of premium motor spirit (PMS), also known as petrol that will last beyond the festive period.
Gatekeepers News reports that this was disclosed in a statement released by the Chief Corporate Communications Officer, Olufemi Soneye.
During a courtesy visit to the Senate President, Godswill Akpabio at the National Assembly on Wednesday, the Group Chief Executive Officer (GCEO), Mele Kyari said it was important to assure Nigerians that there is an adequate supply of petrol to ensure maximum national security.
Soneye quoted the GCEO as saying, “By the creation of the National Assembly, NNPC Ltd. is saddled with the responsibility of guaranteeing Nigeria’s energy security which is critical to national security,” Soneye quoted the GCEO as saying.
“We have made a robust plan for the forthcoming end-of-the-year festivities and beyond. We do not see any shortages in the petroleum products supply for the period.”
Kyari further lauded the National Assembly for the critical role it played in the enactment of the Petroleum Industry Act (PIA) 2021.
The GCEO said NNPC Ltd’s profitability margins have significantly risen, growing from a loss position of N803 billion in 2018 to a profit position of N674 billion in 2021 as a result of the passage of the act.
According to him, NNPC Ltd. is targeting a profit increase of N2 trillion when the 2022 audited financial statements (AFS) are released, adding that the company commenced payments of dividends to shareholders in July.
Kyari added that the company is investing in several gas and power projects across the country, aimed at supporting the federal government’s power generation and industrialisation aspirations.
He noted that the corporation is working to revamp local refining of petroleum products and collaborating with indigenous refiners to ensure that Nigeria becomes a net exporter of petroleum products.
In his response, Akpabio laudted the company for its commitment to ensuring adequate petroleum products supply during the festivities.
The Senate President said, “Nigerians always want to hear good news. We are glad that you have made robust plans to provide sufficient product supply this coming festive period and beyond.”
Akpabio further assured the GCEO of the National Assembly’s support, saying the company’s goals are in line with President Bola Tinubu’s “renewed hope agenda”.
