NNPC records N7.15bn trade surplus, says no plan to review fuel pump price

Nigerian National Petroleum Corporation (NNPC) said in Abuja that its operation for the month of June recorded  N7.15 billion as trading surplus, lower than N18.12 billion it made in May. The Corporation said this on its June edition of the Monthly Financial Report. The Corporation in a statement signed by its spokesman, Mr Ndu Ughamadu, in Abuja also said that “the Federal Government has no plan to review prices of white products either downwards or upwards’’. He said that though NNPC, since October, 2017, had been the sole importer of PMS into the country, government had no plan to review the market prices of products either upwards or downwards now.

He warned those spreading falsehood to be wary of the impacts their ignoble act could cause on prices of petroleum products especially petrol as the festive period draws near. According to him, if not checked, the insinuation of unsubstantiated price review can lead to artificial scarcity and hoarding of products by consumers. This, he added may result in unwarranted queues and suffering of Nigerians at fuel stations.

Ughamadu urged members of the public to report any station that sells PMS above the N145 recommended price to the offices of the Department of Petroleum Resources (DPR) nationwide. “The Department is authorised to monitor and regulate the Industry’s activities,’’ he added. He reiterated the recent statement of the NNPC Group Managing Director, Dr Maikanti Baru, that the corporation had 37 days stock of PMS in the country.

He added that the corporation had mapped out strategies to ensure that Nigerians have a hitch-free festive period. “This 35th edition of the Corporation monthly financial report indicated a trading surplus of N7.15billion which is relatively lower than the May 2018 trading surplus of N18.12billion. The reduced performance was mainly due to decline in the Nigerian Petroleum Development Company’s (NPDC) production and lifting,’’ it said. According to the report, the corporation has developed 12 key Business Focus Areas to grow the business and increase profitability for the benefit of Nigerians. It noted that the business focus area had contributed to consistency in trading surplus of the corporation since February this year.

It named the 12 key business areas to include: Security, New Business models, Joint Venture cash calls, Production and reserve growth, NPDC growth and gas Development. Others areas are Refinery upgrade and expansion, Renewable Energy and Frontier Exploration, Oil and Gas  infrastructure, Ventures and common services, professionalism and Accountability and staff welfare. On supply of Premium Motor Spirit (PMS), known as petrol, the report noted that 44.37 million litres of PMS were supplied by NNPC through Petroleum Products Marketing Company (PPMC), its subsidiary for the month of June. “This effort continued to ensure seamless supply and distribution of products,’’ it said. 

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