NNPC now holds 14% of retail market

The Nigerian National Petroleum Corporation (NNPC) has said that its downstream subsidiary, NNPC Retail Limited, now holds 14 per cent of the market share of petroleum products retail business in Nigeria.

Group Managing Director of the NNPC, Maikanti Baru, who disclosed this at the corporation’s yearly general meeting in Abuja, said the corporation would build more retail stations across the country.

According to him, despite being the market leader in the sector, the company is poised to establishing ultra large mega stations and is in the process of identifying the areas where such stations will be economically viable.

He said the NNPC retail would also continue to set up standard stations that would fit into the domains where they operate, adding that the focus of the management of NNPC, as owners of the company, was to ensure that its stations were in every nook and cranny of Nigeria.

“Today’s AGM is in line with our drive to sanitise all our books and bring them to currency. The management of the NNPC is committed to ensuring that all the books of all the entities within the NNPC are up to date,” he said.

He, therefore, urged the management of the subsidiary to focus on its non-fuel products and services, particularly those with the potential to make a lot of profit.

Meanwhile, Chairman of the Board of Directors, who is also NNPC Chief Operating Officer (COO), Gas and Power, Saidu Mohammed, stressed on the need to improve non-fuel business through the incorporation of fast-food outlets, Liquefied Petroleum Gas (LPG) and super markets into some of NNPC filling stations that have adequate space.