According to a report from ThisDay, The Nigerian National Petroleum Company Limited (NNPC) has explained the reasons behind the ongoing petrol scarcity.…..For More READ THE FULL ARTICLE HERE ▶▶...CLICK HERE TO CONTINUE READING.>>
Dapo Segun, the Vice President of Downstream Operations, attributed the shortages to foreign exchange (FX) liquidity issues, distribution challenges, and the need to balance imports with existing debts.
Thank you for reading this post, don't forget to subscribe!While the company is working to restore normalcy, Segun did not provide a specific timeline for when the scarcity would end.
During an interview with Arise Television, Segun emphasized that NNPC is facing significant hurdles, including FX scarcity and mounting debts, though he reassured that the company maintains strong business relations with its international partners.
He also cited Section 205 of the Petroleum Industry Act (PIA), which states that market forces should determine fuel prices.
Meanwhile, NNPC’s Group CEO, Mele Kyari, continues in his role as the scarcity enters its fourth week, and long queues persist at filling stations.
NNPC has reportedly supplied 30 million barrels of crude oil to the Dangote Petroleum Refinery, with an additional 17.6 million barrels expected soon.
On another program, Segun mentioned that NNPC is awaiting the September 15 deadline for product lifting from the Dangote Refinery.…..For More READ THE FULL ARTICLE HERE ▶▶
