- The Nigerian government has announced that it is making some changes in the petroleum sector within six months
- The group managing director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, disclosed the name of a new company to be formed
- The federal government also dismissed the suggestion that it had increased the pump price of petrol
An emerging report indicates that the federal government intends to scrap the Nigerian National Petroleum Corporation (NNPC).
The group managing director of the NNPC, Mele Kyari, told Arise TV on Monday, August 16, that the Nigerian-owned oil company will cease to exist within the next six months.
He said a new company that will be known as a CAMA Company will be incorporated and operate under the Company Allied Matters.
He explained that by virtue of the Petroleum Industry Act, all liabilities and assets of the NNPC will be transferred to the new company.
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He also noted that there will be a transition framework that will ensure the smooth shift from the present state to the new company as prescribed by the Act.
FG says petrol price remains N162
In another news, the federal government, through the minister of state for petroleum resources, Timipre Sylva, has insisted that at the moment, the price of petrol per liter is N162.
According to Sylva on Tuesday, August 17, in Abuja, the government is in talks with labour unions on the need to and constitutionality of implementing full deregulation of the oil and gas sector.
The minister stated that until the deregulation of the sector is fixed and made to start running, the price of the product remains untouched.
However, the minister said it is not certain the actual time when the policy will be put into action, The Nation reported.
Customs tells NNPC to set up filling stations Neighbouring countries
He disclosed this on Monday at an interactive session organised by the House of Representatives committee on finance, Premium Times reported.
Ali said there is nothing anybody can do to totally stop the smuggling of petroleum products.