11 July 2017

Nigeria: NNPC Vows Sustain Fuel Supply As Auditors Okay Books

The Nigerian National Petroleum Corporation (NNPC) has vowed that it would leave no stone unturned to ensure adequate petroleum products availability in all parts of the country despite challenges in the downstream petroleum sector.

NNPC Group Managing Director, Dr. Maikanti Baru, stated this on Tuesday at the end of the 24th, 25th and 26th Annual General Meeting of its downstream subsidiaries, the Nigerian Products Marketing Company (NPMC) and the Nigerian Pipelines and Storage Company (NPSC) in Abuja.

According to a statement signed by the corporation's spokesman Ndu Ughamadu, Baru said the two companies had fared well given the circumstances in which they found themselves.

"The NPMC and NPSC are the sole vehicles through which the NNPC is currently satisfying its obligation of being the supplier of last resort to the nation. We have ensured that we sustain the steady supply of petroleum products across the country, "Baru said.

He revealed that the companies' external auditors, Messrs PricewaterHouseCoopers and others, gave the NNPC subsidiary companies a clean bill of health, stressing that their financial statement and operations complied with international best practices.

The NNPC boss said the splitting of Pipelines and Products Marketing Company Limited (PPMC) into NPMC and NPSC was to commercialize the operations of the company for the better.

He stated that the federal government and the NNPC had put in place strategies to engage members of various host communities to stem incidences of pipeline infractions, adding that the efforts were yielding positive results.

It would be recalled that the recent strategic intervention of NNPC led to a 42 percent fall in the price of Automotive Gas Oil (AGO) popularly called diesel and has continued to sustain the downward trend across the country.

The Corporation has also taken steps to resuscitate some of its critical pipelines and depots such as the Atlas Cove - Mosimi Depot Pipeline, Port Harcourt Refinery - Aba Depot Pipeline, Kaduna - Kano Pipeline and the Kano Depot which have enhanced efficiency in the distribution of AGO.

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