The Nigerian National Petroleum Company (NNPC) Ltd. has moved to quell speculations of an imminent hike in the pump price of Premium Motor Spirit (PMS), commonly known as petrol. In a statement, the company urged the public to dismiss unfounded rumors, assuring them that there are no plans for an upward review of the PMS price.
Chief Corporate Communications Officer of NNPC Ltd., Olufemi O. Soneye, emphasized that there is currently abundant availability of PMS nationwide, advising motorists against panic buying.
The reassurance comes as NNPC explains its decision to transfer a significant portion of its revenue to the Central Bank of Nigeria (CBN). NNPC’s Group Managing Director, Mele Kyari, conveyed this during a meeting with the senior management team of the CBN, led by Governor Olayemi Cardoso.
Kyari clarified that the move aligns with the directives of the NNPC board of directors to maintain safe obligor limits with commercial banks. He highlighted the company’s high transaction liquidity level and acknowledged the CBN’s creation of a digital platform for future transactions.
Kyari stated, “We understand very clearly that this review of our decision to move a significant portion of our revenues to the Central Bank of Nigeria is very timely.”
Governor Olayemi Cardoso of the CBN expressed confidence in the strengthened internal processes of the central bank to handle the responsibility of managing NNPC’s business effectively.
In a joint statement, NNPC Ltd. and CBN Chiefs acknowledged the value created by the decision, especially in providing NNPC Ltd. with an improved platform for managing its cash holding obligor limits in commercial banks, as set by the Board of Directors. Both parties committed to further collaboration to ensure the seamless operation of NNPC Ltd. and clarified that the company continues to conduct banking transactions with commercial banks as required.
