As national oil firm forecloses increase in petrol price
Nigerian National Petroleum Company Limited (NNPCL) and Central Bank of Nigeria (CBN) have reached an agreement on the directive by the President for earnings from oil to be domiciled in the apex bank.
Amids rising economic crisis, especially the free fall of the Naira, the Nigerian leader Tinubu directed the CBN to handle crude proceeds.
A joint statement by the two bodies said NNPCL would domicile a significant portion of its revenues and other banking services with the apex bank.
The decision followed a meeting between the NNPCL Group Chief Executive Officer, Mele Kyari and CBN Governor Olayemi Cardoso in Abuja.
NNPC said the move would provide the national oil company with an improved platform for managing its cash holding obligor limits, aligning with directives from the Board of Directors.
The statement hinted that the CBN has introduced enhanced digital platforms and specific limits to oversee NNPCL’s transactions effectively.
The statement hinted that the CBN has introduced enhanced digital platforms and specific limits to oversee NNPCL’s transactions effectively.
The both expressed commitment to fortify collaborations and smoothen operations.
MEANWHILE, the national oil firm has ruled out plans.
to increase the pump price of Premium Motor Spirit (otherwise called petrol) amid scarcity concerns.
This comes despite slight adjustment of price by some markets in Abuja, as motorists jostled for products at NNPC retail outlets, which sold N53 lesser.
In most stations, marketers were dispensing at about N670 per litre in the main city of Abuja, while those in the suburbs sold higher. NNPC sells at N617 per litre.
Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, in a statement, dismissed the impending increase in the cost of petrol.
He urged Nigerians to disregard speculations of an upward review of product price.
