The Nigerian National Petroleum Company Limited (NNPCL) has said that there have not been payments for subsidy on Premium Motor Spirit (PMS) otherwise called petrol or fuel to marketers since January 2016.

It stated that It will reconcile subsidy deductions with the federation.

These were contained in the ‘Petrol Subsidy Fact Sheet’ posted on NNPCL’s official Twitter handle and seen by New Telegraph on Wednesday.

It stated: “No petrol subsidy payments made to marketers since January 2016. NNPC Ltd to reconcile subsidy deductions with the federation.

“NNPC Ltd pays suppliers either cash or delivers equal value of crude oil volumes as settlements. Crude oil swap deals will phase out.

“No marketers are paid petrol subsidy by NNPC Ltd as marketers buy below cost price. Marketers will now pay the cost price as determined by the market. Suppliers import products on commercial terms for NNPCL Ltd on the back of their credit abilities. NNPVL Ltd will no longer be the sole importer of petroleum products.

“NNPCL Ltd pays suppliers either cash or delivers the equal value of crude oil volumes as settlement. Crude oil swap deals will phase out.

Federatioon is continuously in debt for subsidy payments. End of a burden, the beginning of a new era of renewed hope and opportunities.

In its public enlightenment programme tagged:’TV Energy show, Energy And You’ NNPCL said it has recorded tremendous success in the fight against oil theft.

Speaking on the programme titled: War on crude oil theft,” it detailed its efforts and achievements in the fight against oil theft.

It said, “From Olodi Ama in Bayelsa State to Ohajii Egbema in Imo State, the war on crude oil theft is on and the industry-wide security collaboration continues to record remarkable progress.

“Between June 24 and 30, 2023, a total of 169 incidents were recorded, and 47 illegal connections were uncovered in the past week, some in Bayelsa State where disconnections and repairs are ongoing. 35 illegal refineries were discovered and destroyed in areas such as Ohaji and Egbema in Imo State; here a thriving illegal business has been brought to a halt.

“12 automatic identification infractions were flagged using NNPC maritime intelligence system and have been escalated to the Navy through NNPC’s incidence management and reporting application. Six cases of pipeline vandalisms were also recorded and are being repaired.”

It added, “11 wooden boats used to convey stolen crude were confiscated in the past week some in River State. Where 6 cases of oil spill and pipeline vandalism were recorded in Bayelsa State and are being addressed.

“99 of the 169 incidents were recorded in the Central Region of the Niger Delta. 43 were recorded in the Eastern region while 15 took place in the western part of the Niger Delta’s oil-producing region and 12 in the deep blue water.

“For NNPCL there is no backing down on crude oil theft until the menace is eradicated for good.” (New Telegraph)

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