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Energy Transition Making Petrol Suppliers To Rethink Oil Business

The Nigerian National Petroleum Company Limited has stated that only the sum of N3.4tn is needed subsidise an average of 66.7 million litres of Premium Motor Spirit (petrol) consumed daily, as against the N4tn approved in the 2022 Appropriation Act.

The NNPC also put the volume of PMS consumed daily in Nigeria at 66.7 million litres.

This is just as the NNPC raised the alarm over the decision by refineries supplying PMS to shut down for green energy in their respective countries.

The Group Managing Director, NNPC, Mele Kyari, made this known in Abuja on Monday at the continued investigative hearing of the House of Representatives’ Ad Hoc Committee to Investigate the Petroleum Products Subsidy regime from 2013 to 2022.

Kyari, who was represented by the Chief Financial Officer, NNPC, Umar Ajia, however, said Ogun and Oyo states were allocated more petrol than Lagos State, the country’s economic capital.

Ajia said, “We have about 1.6 billion litres incoming – land and marine. This is the minimum level we have to maintain, especially as we approach winter. Most of the refineries that we procure from are actually shutting down their operations because of the clamour for green energy and COP26 compliance. Even gas that is transition fuel for us is being given an eight years. Of course, we do not agree.

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