Global Oil Prices: NNPCL Reducing Operational Costs To Optimise Earnings – Ojulari Assures

…Says, strained relationship with Dangote group resolved

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Mr Bayo Ojulari, has declared that the company is actively working on reducing operational costs to optimize earnings from oil and gas sales in in view of the recent decline in global crude oil prices and its potential impact on Nigeria’s revenue projection.

Ojulari noted that the decline would affect Nigeria’s budget since a major part of it relies on projected oil revenue.

Commenting on recent reports of alleged strained relationship between the NNPC Ltd and the Dangote Group, Ojulari said that concrete steps are being taken to reconcile any existing differences, saying that Dangote has made significant contributions, which deserve commendation.

He said; “We have held talks to resolve the conflict. Going forward, we will collaborate to ensure consistent fuel supply for Nigerians, adding that future disagreements would be resolved through dialogue.

In his words; “You won’t hear of any more clashes between NNPCL and Dangote Refinery. We’ll work together for Nigeria’s benefit”.

The NNPC Ltd Chief Executive Officer expressed surprise at reactions in certain quarters over which region of the country he comes from, stressing that he is a northerner.

Ojulari, while clarifying his roots in northern Nigeria, said that he was taken aback when some people said that he was not from the North.

In his words; “I am a child of the North, and I come from Ilorin. I was brought up in Kaduna State. I started learning Yoruba when I was 15 years old. When I left Kaduna, I went to Zaria to study. So, I am a northerner (northern Nigerian)”.

He therefore appealed for the cooperation, support and prayers of all Nigerians in his efforts to advance the country, adding that he needs the support of the North to do this work well and bring development to the North and the whole of Nigeria.

Ojulari said; “I need everyone’s prayer as this work is not what one person can do. We need to work together to ensure Nigeria’s progress”.

Commenting on public concerns with regards to the delay reflection of lower global crude oil prices in local fuel costs, Ojulari explained that if dealers bought fuel at a higher price before the drop, they’ll need to sell at that old rate.

He however said that with new purchases at lower prices, we expect local prices to eventually reflect the change indicating an eventual adjustment in local pump prices.