NNPC Accuses Oil Marketers Of Owing N26.7billion

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The Nigerian National Petroleum Corporation (NNPC), the sole importer of petroleum products, has accused the Depot and Petroleum Marketers Association (DAPPMA) of hoarding Premium Motor Spirit (PMS) or petrol and having a debt of N26.7 billion as the reasons for the lingering nationwide scarcity.

The corporation also said there are no plans to increase the pump price of fuel.

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The corporation’s position was made known in a statement signed by Mr. Ndu Ughamadu, Group General Manager, Group Public Affairs Division of the NNPC.

The corporation described as unfortunate a statement issued by DAPPMA in which the association blamed the NNPC for the shortage.

“NNPC wishes to affirm that it has supplied appreciable volume to DAPPMA, Major Marketers Association of Nigeria (MOMAN) and Independent Petroleum Marketers Association of Nigeria (IPMAN) to rid the challenges currently being experienced in the supply and distribution of petroleum products in the country.”

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“NNPC regrets that DAPPMA, which members had taken receipts of products from Petroleum Products Marketing Company (PPMC), a subsidiary of NNPC, and owe the company to the tune of N26.7billion as at December 21, 2017, has the audacity to indict NNPC unjustifiably,” the statement said.

The corporation added that DAPPMA’s claim that the current hitches in product supply are occasioned by the inability of NNPC’s Direct Sale Direct Purchase (DSDP) partners to deliver on their business obligations is unfounded and self-indicting, as many of DAPPMA members patronize the DSDP international counterparts.

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It added that despite the concession by the federal government to DAPPMA to obtain foreign exchange at an official rate of N305 per dollar for PMS import, DAPPMA members have not been able to fulfil their obligations, leaving NNPC as the sole supplier of PMS to the Nigerian market.

The NNPC assured Nigerians that despite the increase it effected in the supply of PMS this month, it will supply 1.2billion litres of the white products in January. This is about 40million litres per day. The country, added the NNPC, consumes between 27 million to 30 million litres per day.

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It further stated that despite the current challenges, there are no plans to increase PMS pump price above N145/litre. The corporation stated that it will continue to maintain the ex-depot price of N133.28/litre, which guarantees that the pump price does not exceed the N145 per litre cap prescribed by the government.

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“All stakeholders are implored to support the efforts of the government to bring a speedy end to the current fuel distribution challenges being experienced in parts of the country, as this is not the time to play the blame game,” the NNPC said.

 

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