The Nigerian National Petroleum Corporation (NNPC) has announced that there would be no increase in the ex-depot price of Premium Motor Spirit, popularly called petrol, in May 2021.
Ex-depot price is the cost of petrol at depots, from where filling stations purchase the commodity before dispensing to final consumers.
The government-owned oil company made the announcement on Monday, April 19, via its official Twitter account.
According to the NNPC, the group managing director of the company, Mele Kyari, also disclosed that Petroleum Tanker Drivers (PTD) had suspended their proposed strike.
He said the industrial action by the union was shelved after the intervention of NNPC in the impasse between the PTD and the National Association of Road Transport Owners.
Meanwhile, revenue from Nigeria’s oil and gas exports declined by 45.98 per cent in 2020, as it stood at $2.62 billion against the $4.85 billion the NNPC reported in 2019 – this is a loss of $2.23 billion.
During the year under review, the country experienced its lowest decline in October, falling to $54.09 million despite recording $626.79 million in January 2020.
In February, $282.32 million was recorded. March accounted for $362.18 million; April received $193.05 million; $133.16m was recorded in May and $378.42 million in June. In the next month, NNPC recorded $122.44 million; $100.88m in August; $120.49m in September; $125.71m in November and $125.25m in December.
In another news, the Nigerian government has finally approved the $1.5 billion refinery rehabilitation contract.
The approval was given following the agreement between the NNPC and Tecnimont Spa.
The government agency and Italian company signed the rehabilitation contract of the Port Harcourt refinery amid criticism from the private sector and the public. The agreement was entered into on behalf of the Port Harcourt Refining Company.