A coalition of Civil Society Organizations (CSOs), under the Nigerian Coalition of Civil Society Organisations (NICOCSO), has criticized NNPCL’s resolution to import 1.6 billion litres of Premium Motor Spirit (PMS).
It is no news that Nigerians struggling with the recent fuel price hike by the Nigerian National Petroleum Company Limited (NNPCL).
In a press briefing in Abuja, spokesperson Tabuko Kennedy defined the action as a calculated attempt to weaken local refining capabilities, create more hardships for citizens and strain the economy.
NICOCSO highlighted that the importation would place extreme pressure on Nigeria’s foreign exchange reserves, urging citizens to demand accountability.
The group warned of nationwide protests if their concerns are not addressed. The Dangote Petroleum Refinery has started exporting refined petroleum products to neighboring West African countries, which marks an important shift in the regional fuel market.
The Nigerian National Petroleum Company Limited has commenced the selling of its newly developed crude oil grade, the Utapate blend, to international refiners. Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer made the announcement during the ongoing Argus European Crude Conference in London.
European crude marketers were among the first to receive the new product, emphasizing its potential to enhance Nigeria’s global market presence.
This new chapter follows a six month exploration phase and symbolizes a strategic boost for Nigeria’s crude oil production, economic growth initiatives and revenue generation.
