The company clarified that while Mr Kyari's words were accurately quoted, the article's interpretation misrepresented the facts.
The Nigerian National Petroleum Company Limited (NNPC) has dismissed reports suggesting it has ceased importing refined petroleum products, describing such claims as inaccurate and misleading.
The company spoke in response to a story that claimed that the NNPC had ended fuel imports and was now solely sourcing refined products from local refineries, including the Dangote Petroleum Refinery.
The report quoted the NNPC's Group Chief Executive Officer, Mele Kyari, who spoke at the Nigerian Association of Petroleum Explorationists conference in Lagos, themed: Resolving the Nigerian Energy Trilemma: Energy Security, Sustainable Growth and Affordability.
In a statement issued by Femi Soneye, Chief Corporate Communications Officer, the company said that Mr Kyari was quoted out of context.
"The GCEO's statement, 'Today, NNPC does not import any product; we are only taking from domestic refineries', was taken out of context," the statement read. It should not be construed to imply that NNPC Ltd. is obligated to be the sole off-taker of any refinery or that we will no longer import fuel.
"While NNPC prioritises sourcing products from domestic refineries, this is contingent upon economic viability. If local supply is cost-effective, it will be preferred, but the same principle applies to other marketers, who will also evaluate total costs when deciding whether to buy locally or import," he said.
Mr Soneye noted that NNPC prioritises local refining where it is cost-effective but retains the flexibility to import if necessary.
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According to him, economic viability will guide NNPC Ltd. in its decisions on whether to source refined petroleum from local refineries or import, noting that there was nowhere in the statement where Kyari announced the end of fuel importation or mentioned N24 trillion contained in the report.
He stressed that the decision to grant import licences lies with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), as stipulated in the Petroleum Industry Act (PIA).
The statement also pointed out that NNPC controls less than 30 per cent of the downstream market, in line with the PIA's provisions to promote competition and prevent monopolies.
"The law promotes a free-market system where competition drives efficiency and cost reduction, ensuring that consumers benefit. Domestic refiners must compete on price and value, as patronage cannot be legislated in a deregulated sector," he said.
