BY MICHAEL AKINOLA
Over the years, excruciating fuel scarcity across the nation was an integral part of the festive season. No Christmas was complete without Nigerians queuing for long hours at fuelling stations. This year, however, the situation is manifestly different. There are no long queues or black market dealers on the streets selling to desperate buyers at cut-throat prices.
Even more heartwarming is the fact that petrol prices are falling nationwide. This week, the NNPCL, in response to the calls for affordable petrol, reduced the pump price of petrol at its retail outlets in Abuja to N965 per litre, and N899 per litre in Lagos. This marks the second price reduction by the NNPC within two weeks.
Last October, the 60,000 barrels-per-day Old Port Harcourt Refinery was re-streamed and is now fully operational. This marks a significant step forward after years of operational challenges and underperformance and signifies a new era of energy independence and economic growth for Nigeria.
The Group Chief Executive Officer of the NNPCL, Mele Kyari, has vowed that the revival of the Port Harcourt Refinery would increase domestic refining capacity, reduce the need for fuel imports, help stabilize fuel supply, and mitigate the risks associated with global supply chain disruptions.
Also, for the first time since it began operations 46 years ago, the NNPCL has announced that it has exceeded its profit projection for the year 2024, declaring N3.29 trillion profit. The chief corporate communications officer, Olufemi Soneye, said, “In a historic achievement, NNPCL, under Kyari’s leadership, declared profit for the first time in decades, marking a significant financial turnaround. The company has already exceeded its profit projections for 2024, a testament to the transformative reforms it has implemented.”
Soneye added that when Nigeria grappled with a challenging foreign exchange crisis, the Mele Kyari-led NNPCL secured a $3 billion gazelle loan to help stabilize the economy. Additionally, he said that a strategic decision to secure a $1 billion loan backed by NNPC’s crude was instrumental in supporting the Dangote Refinery during liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery. This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development. “As a responsible energy company, NNPC Ltd continues to strengthen Nigeria’s energy sector while solidifying its legacy as a transformative force and a global game-changer,” Soneye said.
