Government and Politics

Petrol Subsidy Not Back, Says NNPC CEO Kyari

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Petrol Subsidy Not Back, Says NNPC CEO Kyari

In a recent statement, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, has emphatically dismissed claims of the government still paying subsidies on petroleum products. This announcement comes following Mr. Kyari’s meeting with President Bola Tinubu at the Presidential Villa in Abuja.

Addressing the concerns surrounding the delayed supply of petrol from the southern regions to the north of Nigeria, Mr. Kyari attributed the delays to poor road conditions. He assured the public that there is currently an ample supply of petrol in the country, dispelling worries about shortages.

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According to Mr. Kyari, “We have observed in a few states minor queues at some fuel stations. This is primarily due to road blockades affecting the movement of petroleum products from the southern depots to the northern regions, resulting in longer transit times. However, these issues have been addressed, and we do not anticipate further supply disruptions.”

Mr. Kyari also shed light on the fluctuations in fuel prices, citing the competitive dynamics among marketers resulting from the full deregulation of the petroleum sector. Some fuel stations have been lowering their prices, attracting customers, which can lead to occasional queues and concerns among the public.

He clarified, “There are no underlying challenges in the supply of petrol. We currently have a robust supply with over 1.4 billion litres of petroleum products available, both for marine and land distribution. The delivery of these products to various locations is running smoothly. There is no need for concern.”

Addressing the issue of access to foreign exchange, Mr. Kyari highlighted the government’s proactive efforts to stabilize the foreign exchange market. He stated, “The government is taking significant steps to ensure a stable foreign exchange market. The current improvements in the FX market align with our vision for economic stability.”

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Responding to questions regarding the return of fuel subsidies, Mr. Kyari made it unequivocally clear, saying, “There is no subsidy whatsoever. We are recovering our full costs from the products we import. We are selling in the market, and we understand why some marketers may face challenges in importing. We hope they can resolve these issues quickly, and we are working with relevant agencies of the government to facilitate this. There is no subsidy.”

In summary, Mr. Kyari’s statement reinforces the government’s stance on the absence of petroleum subsidies and emphasizes the commitment to a deregulated market with competitive pricing. Despite past challenges and market fluctuations, the Nigerian petroleum sector continues to play a vital role in the country’s economic landscape.

Source: Vanguard

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