Nigeria’s petroleum suppliers are shutting down to invest in green energy -NNPC

The Nigerian National Petroleum Company (NNPC) Limited has raised an alarm over the decision of most of the refineries supplying Premium Motor Spirit (PMS), otherwise known as petrol, to Nigeria are shutting down their operations due to clamour for green energy.

This is as the state-owned oil company has put the volume of petrol consumed in Nigeria at 66.7 million litres per day as against the average of 98 million being reported in some quarters.

This was made known by the Group Managing Director of NNPC, Mele Kyari, during the continued investigative hearing of the House of Representatives Ad-hoc Committee to investigate the petrol products subsidy regime from 2013 to 2022, on Monday in Abuja.

Kyari, who was represented by the Chief Financial Officer of NNPC, Umar Ajia, stated that only the sum of N3.4 trillion is needed to subsidise an average of 66.7 million litres of petrol consumed daily, as against the N4 trillion approved in the 2022 Appropriation Act.

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Ajia at the hearing revealed that Ogun and Oyo states were allocated more petrol than Lagos State, the country’s economic capital.

He said,Β β€œWe have about 1.6 billion litres incoming – land and marine. This is the minimum level we have to maintain, especially as we approach winter. Most of the refineries that we procure from are actually shutting down their operations because of the clamour for green energy and COP26 compliance. Even gas that is transition fuel for us is being given eight years. Of course, we do not agree.”

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