President Muhammadu Buhari is set to unveil the new Nigerian National Petroleum Company Limited (NNPCL) today just as the company will now supply petrol to Nigeria at a fee payable by the federal government.
The Group Chief Executive Officer of NNPCL, Mele Kyari, stated this in a recorded interview on Channels TV, seen on Monday.
With the new Petroleum Industry Act (PIA) 2021, the company transited to a company registered under the Company And Allied Matter Act (CAMA), registered by the Corporate Affairs Commission (CAC) and having its shares on behalf of Nigerians.
Already the firm has had a new board led by Sen. Margery Chuba-Okadigbo and Kyari redesignated from the Group Managing Director (GMD) to GCEO.
By Tuesday July 19, the president is expected to unveil its new brand identity and core of this is its logo, vision and mission especially as it highlights a focus on energy transition.
Ahead of this milestone event, Kyari gave a hint as to how the company will begin to operate saying, “In the case of the price of petroleum, this is a policy matter. And the NNPC is going to be a supplier to the Federation at a fee. So, the issue of at what price you sell petroleum will be the decision of the state.
“The state has continued to maintain that we must continue to pay a subsidy on petroleum products. We are happy to do this, but as a commercial venture, we will have a service-level agreement between us to render that service,” he said.
He also allayed fears that the government will not change the price of petrol. Kyari said: “We will procure the products and we will sell to the state, and will be step on step with the country and literally, I’ve seen no indication at this point in time that the state is ready to change any price of petroleum products. It has nothing to do with our operations.”
