The Nigerian National Petroleum Company Limited (NNPCL) has confirmed continuous payment of subsidy, while saying that it cannot guarantee that fuel queues will vanish any time soon.
Adedapo Segun, Executive Vice President of NNPCL (Downstream) in an interview with Arise Television and monitored by Blueprint Newspapers, said although the NNPCL is a regular company like other marketers, it continues to intervene in the meantime to pay the differentials in pricing to supply petrol to consumers at an affordable price.
According to him, in spite of the fact that the NNPCL this week increased its pump price, the price is still not within market rate, noting that it should ideally sell at an even higher rate.
Segun argued that it is on this premise that makes it look as though NNPCL is the sole importer.
According to him, the government mandated it to carry out importation on its behalf in order to bridge the gap.
“Let me put it in the proper context. NNPCL is not a regulator. We didn’t choose to be the sole importer. We don’t determine who plays in the market. We stepped in when others reduced their participation. It’s not about wanting to be monopolists,” Segun explained.
The Executive Vice President failed to assure Nigerians that the lingering petrol queues will disappear soon.
Segun explained that, going with the debt the company is owing, it will be difficult to order for large consignments, which will only further plunge NNPCL into deeper debt.
He however assured that the company is cooperating with Dangote Refinery in ensuring regular supply.
According to him, the NNPCL has been working closely with private refineries, such as Dangote, to ensure a steady supply of crude oil for refining.
“We have supplied about 30 million barrels to Dangote so far, another 6.3 million this month, and we will supply 11.3 million in October,” Segun said.