CNPP condemns NNPCL over N15 billion fuel deal with independent oil marketers

The Conference of Nigeria Political Parties, CNPP, has expressed its disapproval of the Nigerian National Petroleum Company Limited, NNPCL, following the recent release of N15 billion worth of products to independent oil marketers.

Labelling the move as further evidence of economic sabotage, aligning with their longstanding allegations against the NNPCL, CNPP pointed to the involvement of the Department of State Services, DSS, Director General, Adeola Ajayi, in facilitating the transaction.

In a statement released on Tuesday by CNPP Deputy National Publicity Secretary, James Ezema, the organization described the act as a “validation” of their accusations that the NNPCL’s practices have harmed the Nigerian economy.

“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.” The statement stated.

They argued that NNPCL’s authorization of oil marketers, under the Independent Petroleum Marketers Association of Nigeria, IPMAN, to lift Premium Motor Spirit, PMS, at a reduced rate supports claims of economic sabotage.

They called for the Nigerian Midstream and Downstream Petroleum Regulatory Authority to issue import and off-taker licenses to oil dealers, allowing them to import fuel directly or purchase it from local refineries like the Dangote Refinery.

“This move would reduce NNPCL’s dominant regulatory role and foster healthy competition in the oil market, ” The statement read.

CNPP also urged the Federal government to either fully deregulate the oil sector or implement a transparent petrol subsidy system.

Stressing the importance of curbing corruption and maintaining control over pump prices to protect consumers from exploitation, CNPP questioned why it took threats from IPMAN, which controls over 70 percent of filling stations nationwide, and DSS intervention to compel NNPCL to adjust its prices.

The organization accused NNPCL leadership of attempting to maintain control over the oil industry after commercialization, driven by corruption.

Pledging to remain vigilant in monitoring NNPCL’s activities, given the company’s significant influence on the economy and the lives of ordinary Nigerians, they vowed to continue advocating for transparency and accountability in the oil and gas sector.