ABUJA, Nigeria – The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari, assured Nigerians on Thursday, June 1, 2023, that the widespread fuel queues around the country should not persist beyond Saturday, June 3, 2023.
He made this announcement during an interview on Channels Television.
According to Kyari, there is sufficient petrol supply in the country to address the current demand, with approximately 1.8 billion litres of petrol available in depots, tanks, and fuel stations across Nigeria.
“We have an abundance of supplies. The primary issue with the Premium Motor Spirit (PMS) system is supply, but that isn’t a problem currently,” Kyari said.
He added, “Over 810 million litres of PMS are readily available on the ground. There’s no need for transfers from marine to land.”
Kyari also confirmed that the PMS pricing document for various states, which trended on Wednesday on the internet, originated from the NNPCL.
In a significant revelation, Kyari stated that the local production of PMS, or petrol, by refineries like Dangote Refinery, Port Harcourt Refining Company, and others in Nigeria, would not affect the pump price of petrol.
He confirmed that Dangote Refinery, inaugurated by former President Muhammadu Buhari on May 22, 2023, is projected to begin production by late July or early August.
The Port Harcourt Refinery, due to be completed by the end of this year, will further bolster domestic petrol production.
Kyari addressed the widespread assumption that local petrol production would lead to reduced petrol prices. “There’s a notion that domestic processing will lower prices,” he said.
“However, local production won’t change anything. Refineries will also account for production costs, and petrol will continue to be sold at the current price.”
Kyari further emphasized that no subsidies would be applied once local production commences, explaining that Nigeria no longer has the resources to continue with petrol subsidies.
