The Nigerian National Petroleum Company Limited (NNPCL) has denied recent allegations that it has reintroduced petrol subsidies.
In a statement released on Tuesday, the company’s Chief Corporate Communications Officer, Olufemi Soneye, clarified that NNPCL is only addressing shortfalls in Premium Motor Spirit (PMS) importation between itself and the Federation.
The statement also announced the release of NNPCL’s 2023 Audited Financial Statement, revealing a net profit of ₦3.297 trillion for the fiscal year ending December 2023, a 28% increase from the previous year’s profit of ₦2.548 trillion.
The Chief Financial Officer Umar Ajiya highlighted the company’s commitment to transparency, stating that the strong financial results reflect strategic planning and operational resilience despite economic challenges.
NNPCL’s Chairman, Chief Pius Akinyelure, credited the company’s performance to the Petroleum Industry Act (PIA) 2021, along with the dedication of the Board, Management, and staff.
The company’s shareholders have approved a final dividend of ₦2.1 trillion.
The Executive Vice President of Upstream, Oritsemeyiwa Eyesan, also expressed optimism about reaching a crude oil production target of two million barrels per day by year-end, following improvements in the fight against crude oil theft and pipeline vandalism.
Addressing recent fuel queues in Lagos and the Federal Capital Territory, Executive Vice President of Downstream, Dapo Segun, assured the public that NNPCL is working with stakeholders to resolve the ongoing distribution and logistics challenges.
