Buhari Attends Unveiling Of NNPC Limited

President Muhammadu Buhari was on Tuesday live at the unveiling of the Nigerian National Petroleum Company Limited, NNPC LTD.

Naija News understands that the name change for the oil corporation through which the federal government of Nigeria regulates and participates in the country’s petroleum industry was pertinent to the Petroleum Industry Act.

The event held in Abuja presently had in attendance some top government officials including the Senate President, Ahmad Lawan; the Minister of State for Petroleum Resources, Timipre Sylva; and the Group Managing Director of NNPC, Mele Kyari; among other top stakeholders in the oil and gas sector.

The new Petroleum Industry Act uphold that NNPC Limited will run a commercial and profit-focused organisation under the Company and Allied Matters Act (CAMA).

Naija News understands that the unveiling of the name change on Tuesday is coming shortly after reports emerged that NNPC has approved the increase of Premium Motor Spirit, popularly known as petrol from N165 per litre to N179 per litre.

The new price approved by NNPC is expected to take effect today across the country as it directs fuel marketers to change the petrol price on pumps today.

NNPC also increased the ex-depot price from N148.17 to N167 per litre.

The decision was reached weeks after fuel marketers adopted different prices following petrol scarcity across the country.

Some filling stations had changed the price on their meter, while others left the approved retail price of N165 per litre but were selling above the displayed price.

Some filling stations were dispensing fuel for motorists for around N170 to N175 per litre.