The President, Major General Muhammadu Buhari (retd.) officially unveiled the new brand of the Nigerian National Petroleum Company Limited on Tuesday, at the State House, Abuja, to usher in some provisions of the Petroleum Industry Act.
This is coming amidst fuel scarcity in some parts of the nation, especially in Lagos and Abuja.
According to The Punch, marketers, who decried the harsh business environment have hiked the Pump Price of Premium Motor Spirit to N165-N175/litre was approved for the filling stations inside towns, while N189 was approved for those outside towns.
However, Buhari unveiled the new face of NNPC as a commercial company and said the PIA had given the Nigerian petroleum industry a new mandate.
During his speech at the unveiling, President Buhari said the NNPC Limited would now operate without expecting financial backing from the Federal Government.
Buhari explained that neither would it be mandated to transfer its revenue to the treasury single account as required from other government-owned corporations, as NNPC becomes a private firm.
The president added that it would be free from institutional regulations, such as the treasury single account, public procurement and fiscal responsibility act.
However, Buhari said NNPC will operate under the oversight of international law as it relates to the oil industry, “It will of course conduct itself under the international business practices in transparency, governance and commercial viability.
“NNPC Limited will operate in a commercial, independent and viable national oil company at par with its peers around the world.”
He added that “NNPC is mandated by law to ensure Nigeria’s national energy security is guaranteed. To support sustainable growth across other sectors of the economy, as it delivers energy to the world.”