NNPCL's Release of N15 Billion Worth of Products Vindicates CNPP's Allegation of Economic Sabotage

The Conference Of Nigeria Political Parties (CNPP) has reacted to the recent release of N15 billion worth of products to independent oil marketers by the Nigerian National Petroleum Company Limited (NNPCL). 

In a statement signed by its Deputy National Publicity Secretary, Comrade James Ezema, on Tuesday, the CNPP noted that it sees this move, facilitated by the Director General of the Department of State Services (DSS), Adeola Ajayi, as "a validation of CNPP's allegations of economic sabotage against NNPCL."

Economic Sabotage Confirmed

The statement added that "the CNPP has long argued that NNPCL's practices have been harmful to the Nigerian economy. The recent authorization by NNPCL, allowing oil marketers under the Independent Petroleum Marketers Association of Nigeria (IPMAN) to lift Premium Motor Spirit (PMS) at a reduced price, substantiates the CNPP's claims of economic sabotage against the federal government-owned oil company."

Commitment to Regulatory Compliance

As the umbrella body of all registered political parties and associations in Nigeria, the CNPP expressed concern over NNPCL's ongoing violations of the Petroleum Industry Act (PIA). The CNPP emphasized the need for the Nigerian Midstream and Downstream Petroleum Regulatory Authority to issue import and off-taker licenses to oil dealers, enabling them to import fuel directly or purchase from local refineries like the Dangote Refinery. "This move is expected to eliminate NNPCL's undue regulatory and competitive roles." 

Call for Deregulation or Transparent Subsidy Regime

The CNPP has called on the Federal Government "to either fully deregulate the oil sector, allowing marketers to freely buy and sell petroleum products, or to implement a transparent petrol subsidy regime free from corrupt practices to maintain control over PMS pump prices.

DSS Intervention and IPMAN's Role

"The DSS's intervention came after IPMAN threatened to halt operations nationwide due to the high costs of loading petroleum products from NNPCL facilities. IPMAN revealed that the cost of petrol from the Dangote Petroleum Refinery to NNPCL was approximately N898 per litre, while NNPCL was selling it at significantly higher prices in various locations. 

"This discrepancy is seen as a deliberate attempt by NNPCL to undermine President Bola Ahmed Tinubu's Renewed Hope Agenda by exacerbating economic hardship and turning citizens against the government." 

Demand for Accountability

The CNPP questioned why it took threats from IPMAN, which controls over 70 percent of filling stations nationwide, and DSS intervention before NNPCL complied with the law and stopped fixing petrol pump prices. The CNPP accused NNPCL's leadership of attempting to maintain control over the oil industry post-commercialization due to endemic corruption.

CNPP's Continued Vigilance

"The CNPP has pledged to continue monitoring the activities of NNPCL, given the company's significant impact on the economy and the livelihood of ordinary citizens. The CNPP will continue advocate for transparency and accountability in the oil and gas sector as it has done over the years. 

"Recall that in December 2022, the DSS had previously taken proactive measures to prevent potential unrest during the Yuletide season by issuing a 48-hour ultimatum to NNPCL, IPMAN, and other stakeholders to resolve the then ongoing fuel crisis, which has remained an issue to date as NNPCL has continued operate in very secretive manner."