The Nigerian National Petroleum Corporation has announced that it would end its crude oil sales discount regime by June 30 or July.
Mele Kyari, MD of NNPC made this known in a chat with Journalists at a weekly programme called ‘Half-Time Talk’ organised by Gulf Intelligence, a United Arab Emirate-based communication and research firm, in Abuja yesterday.
The NNPC were forced to offer oil traders discounts on crude oil grades few months ago due to the crash in oil prices. This was due to the negative impact caused by the COVID-19, which led to heavy decline in demand for crude oil.
Kyari noted that the corporation would make additional cuts to make up for the lapses by mid-july. This is despite the fact that, Nigeria did not fully comply with a pact by oil producers to rein in output to balance markets.
Kyari during the chat stated that it is still a good business for NNPC and the country, if oil price is $42.