The Nigerian National Petroleum Company Limited (NNPCL) has unveiled plans to expand its retail outlets to 2,000 by the end of 2025. This announcement was made by its Chief Corporate Communications Officer, Mr Olufemi Soneye, during an NNPC stakeholder engagement and capacity-building workshop in Abuja. According to him, the move aligns with NNPCL’s goal of strengthening its downstream business. The company has already increased its retail stations from 897 in October last year to over 1,000 after acquiring more filling stations just last week.
Soneye highlighted NNPCL’s dominance in the African oil sector, describing it as the largest oil firm on the continent. He acknowledged the existing gaps in fuel station distribution across the country but reassured Nigerians that the company is actively working to address these shortages. “We have some areas where we lack presence, but I am glad to inform you that we have now surpassed 1,000 stations, and we are not stopping there,” he said. The company remains committed to expanding its reach and ensuring accessibility to fuel for all Nigerians.
On the status of the country’s refineries, Soneye confirmed that most have been operational since last year, with the exception of the Kaduna Refinery and the new Port Harcourt Refinery, which is still under construction. “Port Harcourt has two refineries—the old one is functional, but the new one is being developed. By the end of the year, it should be operational, along with the Kaduna Refinery,” he stated. He emphasised that Nigeria’s refining capacity is improving, with ongoing efforts to ensure a steady supply of petroleum products.
Addressing concerns about the high cost of Premium Motor Spirit (PMS), Soneye assured Nigerians that petrol prices would decrease as the Naira strengthens. He explained that local pump prices are largely influenced by global oil market trends. However, he noted that NNPCL, as an oil marketing company, has the capacity to import fuel to stabilise market prices. He reiterated that with the full deregulation of the downstream sector under the Petroleum Industry Act (PIA), licensed Oil Marketing Companies (OMCs) are now allowed to import fuel, ensuring fair competition and preventing market monopoly.
